Crude oil, labor, electricity and additives are all gasoline inputs. When the price of crude oil, (input) increases and the number of people who own cars falls. What happens to the equilibrium price of gasoline? It will:

Studies that are empirical _____.

At a market price of $4, what is total consumer surplus?    

As a consumer, you are likely most price-responsive in situations where:

Indifference curves are used in microeconomics to illustrate which of the following?

A visual representation of the production costs of a firm and its output is shown through the _______.      

Dwight operates a beet farm, which raises beets to sell to grocery stores. Dwight leases the land for $5,000 per month and hires workers at $1,000 per worker per month.   Workers (per month) Beets (trailer loads per month) VC FC TC MC 0 0 1 1 4 2 10 3 With 10 workers, the fixed cost is $_____ per month.

The curve that connects a consumer’s optimal bundles at each income level is identified as _______.      

Steve purchased a basketball from a sporting retailer online. He paid $110 for it and received consumer surplus of $55. What was Steve’s willingness to pay for the basketball?

In the short run a firm ______.