ECO100Y5 Lecture Notes - Lecture 5: Externality, Allocative Efficiency, Marginal Utility
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Labor Hours Needed to Make 1 Pound of | Labor Hours Needed to Make 1 Pound of | Pounds Produced in 24 Hours | Pounds Produced in 24 Hours | |
Pork | Tomatoes | Pork | Tomatoes | |
Farmer | 6 | 3 | 4 | 8 |
Rancher | 4 | 4 | 6 | 6 |
The opportunity cost of 1 pound of pork for the rancher is...
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If these are the only three sellers in the market, then an increase in the market price from $6 to $12 will increase quantity supplied by... A. 36 units B. 24 units C. 12 units D. 48 units 3. When a supply curve or a demand curve shifts, the equilibrium price and equilibrium quantity change... A. True B. False |