Both Diana and Sarah like Classical music and music by Beyon…

Both Diana and Sarah like Classical music and music by Beyoncé. Diana likes music by Beyoncé much better than Classical music, whereas Sarah prefers Classical music to music by Beyoncé. If we were to graph an indifference curve with CDs by Beyoncé on the horizontal axis and Classical music CDs on the vertical axis, then

Figure 15-4 In the following figure, graph (a) depicts the l…

Figure 15-4 In the following figure, graph (a) depicts the linear marginal cost (MC) of a firm in a competitive market, and graph (b) depicts the linear market supply curve for a market with a fixed number of identical firms. ​ Graph (a): Firm Graph (b): Market Refer to Figure 15-4. When 100 identical firms participate in this market, at what price will 15,000 units be supplied to this market?

Table 6-1The following table contains the demand schedule an…

Table 6-1The following table contains the demand schedule and supply schedule for a market for a particular good. Suppose sellers of the good successfully lobby Congress to impose a price floor $2 above the equilibrium price in this market. ​ Price (Dollars per unit) Quantity Demanded (Units) Quantity Supplied (Units) 0 15 0 1 13 3 2 11 6 3 9 9 4 7 12 5 5 15 6 3 18 ​ Refer to Table 6-1. Following the imposition of a price floor $2 above the equilibrium price, irate buyers convince Congress to repeal the price floor and to impose a price ceiling $1 below the former price floor. The resulting market price is