When the cost curves have U-shapes, at the point where marginal cost equals average total cost:

The price of a good will rise when:

Exhibit 3-20 Supply and demand curves for computers ​ ​ Which of the following changes could cause the computer market to change as shown in Exhibit 3-20?

To determine whether two goods are substitutes or complements, an economist would estimate the:

The cross elasticity between two goods, X and Y, is positive. From this, we can conclude that goods X and Y are:

The use of a price system eliminates:     

The price of a good will fall if:

Which of the following is true for the law of supply?

Which of the following would raise both the equilibrium price and the equilibrium quantity of strawberries?

Exhibit 5-9 Supply and Demand Curves for Good X ​ In Exhibit 5-9, assume the government places a $200 per unit sales tax on Good X. The percentage of the burden of taxation paid by consumers of Good X is: