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rsbains rsbains
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5 years ago

Question 1.

Figure 3-8




Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S1 (point A). If there is an increase in the wages of apple workers and an increase in the price of oranges, a substitute for apples, the equilibrium could move to which point?

• none of the points shown

• B

• C

• E

Question 2.

Lucinda buys a new GPS system for $250. She receives consumer surplus of $75 from the purchase. What value does Lucinda place on her GPS system?

• $75

• $175

• $250

• $325
Textbook 
Microeconomics

Microeconomics


Edition: 7th
Authors:
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Steve T.Steve T.
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5 years ago
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rsbains Author
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5 years ago
Thanks for your help!!
Loruiz15
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Yesterday
Thanks
DaiwalkerX
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2 hours ago
Brilliant ツ
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