Statements that make value judgments are referred to as:

A market clearing price refers to

Assume a drought in the Midwest reduces the supply of wheat. Noting that wheat is a basic ingredient in the production of bread and potatoes are a consumer substitute for bread, we would expect the price of wheat to:

When we say an economy is being “productively efficient,” this means the economy is:

The market supply curve indicates the:

College students living off-campus frequently consume large amounts of boxed macaroni and cheese and ramen noodles. When they finish school and start their careers, their consumption of both goods frequently declines. This suggests that boxed macaroni and cheese and ramen noodles are:

The “coincidence of wants” problem associated with barter refers to the fact that:

Refer to the table above.  A total output of 3 units of capital goods and 4 units of consumer goods:

Opportunity costs exist because:

 Person Minimum Acceptable Price  (Actual Price (Equilibrium Price) Clara $ 2 $ 7 Cecilia $ 3 $ 7 Gibson $ 4 $ 7 Peter $ 5 $ 7 Takunda $ 7 $ 7 Sophie $ 8 $ 7 Refer to the table above. Assume that the six people listed in the table are the only producers in the market, and that the equilibrium price is $7. The total producer surplus generated in this market is $_________. Please input only the numerical value without the $ sign. If your answer is $20, please input 20 for your answer.