davenport econ625 Problem Set 1

• Question
1
4 out of 4 points

The table below contains typical
economic data. It show the quantity of a good that is demanded by purchasers
and the quantity supplied by producers at various prices.

At which price are quantities demanded and quantities
supplied the same?

• Question
2
3 out of 3 points

Refer to the table in question 1.
At which price is quantity supplied equal to 10?

• Question
3
3 out of 3 points

Refer to the table in question 1.
At which price is the quantity demanded less than the
quantity supplied?

• Question
4
4 out of 4 points

The graph below depicts typical
economic information about the amount of a product demanded at various prices.

At what price is quantity equal to 1400?

• Question
5
3 out of 3 points

At what price is quantity equal to zero?

• Question
6
3 out of 3 points

Which of the following represents the equation of the line?

• Question
7
4 out of 4 points

Which of the following best
describes the concept of scarcity?

• Question
8
4 out of 4 points

Which of the following would not
be considered scarce?

• Question
9
4 out of 4 points

Which of the following best describes
opportunity cost?

• Question
10
4 out of 4 points

Which of the following best
describes the opportunity cost of one year of college?

• Question 11
0 out of 4 points

Which of the following is a valid
goal for a typical firm? (Check all that apply.)

 

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