If the marginal cost of a cup of tea is greater than its marginal benefit, then to increase efficiency a. nothing should be done if the marginal benefit is greater than the marginal cost by the maximum amount because in this case the efficient quantity of cups of tea is being produced. b. more cups of tea should be produced. production should be halted. c. fewer cups of tea should be produced d. More information is needed about the price of a cup of tea in order to determine if production should be increased, decreased, or not changed.

Q: When you go to the store to buy some M&Ms candy, you find they are LESS expensive than they were…

A: Demand continuity and risk perception from buyers , and their capacity to require in existing…

Q: Assume that corn and soybeans are alternatives that could be grown by most farmers. An increase in…

A: Corn and soybean are alternatives.

Q: There is a road named High Street with 800m long. There are two grocery shops: Woolworths located at…

A: The Hotelling linear city structure offers an analytical framework for investigating operational…

Q: Select and name a market of any well-known product , draw its market diagram, state and name four…

A: The equilibrium price is the price at which the amount of products supplied equals the quantity of…

Q: A given change in demand will yield a larger change in the quantity supplied A. the more elastic is…

A: Answer is given below

Q: The graph shows the benefits and costs of consuming BK Breakfast Burgers. Marginal benefit, marginal…

A: Marginal benefit is the extra gain earned by the consumer when they purchase a good or product. The…

Q: What aspects of the market for digital cameras are influencing it?

A: Digital cameras are in high demand. The digital camera market is very cutthroat because of…

Q: when the price of a product decreases what happens to supply and demand. Show in a graph.

A: The link between the amount of a product provided and its price, while maintaining other variables…

Q: How does the equilibrium price and quantity change when here are bad rumors about a product? Are…

A: Demand refers to the quantity of the commodity which the consumers demand at various prices in the…

Q: How does a change in production technology impact supply, demand and equilibrium price?

A: Change in Technology helps improving the volume of production thus resulting in decreased cost of…

Q: At the optimal quantity, what is the total cost of the burgers that are purchased?

A: At optimal quantity, Marginal cost is equal to marginal benefit. As marginal cost is constant…

Q: Why is equilibrium the best guideline for pricing a product? A. It is the best way to set the price…

A: Every firm in the market operates to maximise profit

Q: Draw the supply and demand curve for TVs. Doctors discover that watching HD TV prevents cancer. What…

A: Demand curve is downward sloping which tells the relationship between price and quantity demanded of…

Q: 1. List 10 new market demand that people need in their lifestyle

A: Market demand portrays the interest for a given item and who needs to buy it. This is dictated by…

Q: Q.1.9 An increase in the cost of flour used to bake bread is most likely to;  (a) decrease the…

A: The demand and price are inversely related to each other. If the price of the commodity increases,…

Q: If the price of gasoline increased, what might you expect to happen? Select one: a. People would…

A: Suppose the price of gasoline increased. The main use of gasoline is in vehicles.

Q: Following an increase in supply and an increase in demand, the market is producing more at a lower…

A: An increase in the supply is reflected by a rightward shift of the supply curve.  An increase in…

Q: When consumers face rising gasoline prices, they typically  A. reduce their quantity demanded more…

A: Law of demand says, Holding everything else constant, Price and quantity demanded are negatively…

Q: demand schedule   a. shows how the demand changes when the supply changes. b. is a graph showing a…

A: Demand refers to the total amount of goods and services that the buyers are willing to purchase at…

Q: When a market is in equilibrium, which of the following is not correct Select one: a. the price…

A: Market is in equilibrium when at a certain price, quantity demanded equals quantity supplied.

Q: price and quantity of hamburgers,

A: Substitute goods – these are 2 goods which can be used for a similar purpose, that means they are…

Q: Does a huge supply of a product lower or higher the price of a product?

A: Supply and demand is an economic model of price determination in a very market. It concludes that in…

Q: Select the number of the question and the letter to indicate the answer you consider correct for…

A: As per the guidelines we are allowed to answer the first three subparts only. Please post the…

Q: Which of the following is most likely an inferior good?

A: Inferior Goods -  It is a good for which quantity demanded tends to decrease as the individual’s…

Q: On a supply-and-demand diagram, show equilibrium price, equilibrium quantity, and the total revenue…

A: The demand curve is a downward sloping curve indicating a negative relationship between price and…

Q: 1. A study indicated that the optimal price for a consumer product is $32.45. Most products in the…

A: The correct answer is given in the second step.

Q: How have farmers responded to the growing demand for avocados? How has it affected them positively…

A: "As the popularity of avocados continues to soar, it's worth taking a closer look at how this trend…

Q: When the price of pens doubles, demand is reduced by 10%, graph and explain what will result in the…

A: A. when consumer income increases: When the price of pens doubles, demand is reduced by 10%, graph…

Q: Draw the supply and demand curve for TVs. Doctors discover that watching HD TV prevents cancer. What…

A: Demand is the desire back be ability to buy and willingness to pay. There is inverse relation…