Other things equal, a rise in price will result in which of the following? A. Producer surplus will rise; consumer surplus will rise. B. Producer surplus will fall; consumer surplus will fall. C. Producer surplus will rise; consumer surplus will fall. D. Producer surplus will fall; consumer surplus will rise. E. Producer surplus will not change; consumer surplus will rise.

If the cross-price elasticity between two goods is negative, this means that the two goods are A. substitutes. B. complements. C. normal. D. inferior. E. luxuries.

The income elasticity of demand for a normal good is A. zero. B. 1 C. infinite. D. positive. E. negative.

Use the areas labeled in the market represented in Figure 5P-9 to answer the following questions.

b. What area(s) are producer surplus at the market equilibrium price?

Use the market represented in Figure $5 P-4$ to draw the consumer and producer surplus when the market is in equilibrium. What is the value of total surplus at equilibrium?

Which of the following characterizes a perfectly competitive market?

A. A downward-sloping demand curve facing the firm.

B. A selling price at the market-established equilibrium price.

C. A few firms compete by changing prices.

D. A horizontal demand curve for the market.

In a certain species of flowering plants with a diploid genome, four enzymes are involved in the generation of flower color. The genes encoding these four enzymes are on different chromosomes. The biochemical pathway involved is as follows; the figure shows that either of two different enzymes is sufficient to convert a blue pigment into a purple pigment.

$$\begin{matrix} \text{ } & \text{ } & \text{ } & \text{ } & \text{ } & \text{$ \rightarrow$} & \text{ }\\ \text{white} & \text{$ \rightarrow$} & \text{green} & \text{$ \rightarrow$} & \text{blue} & \text{ } & \text{purple}\\ \text{ } & \text{ } & \text{ } & \text{ } & \text{ } & \text{$ \rightarrow$} & \text{ }\\ \end{matrix}$$

A true-breeding green-flowered plant is mated with a true-breeding blue-flowered plant. All of the plants in the resultant $F_1$ generation have purple flowers. $F_1$ plants are allowed to self-fertilize, yielding an $F_2$ generation. Show genotypes for P, $F_1$, and $F_2$ plants, and indicate which genes specify which biochemical steps. Determine the fraction of $F_2$ plants with the following phenotypes: white flowers, green flowers, blue flowers, and purple flowers. Assume the green-flowered parent is mutant in only a single step of the pathway.

Based on Figure 5P-2, producer surplus is $\$ 0$ when price is less than or equal to what price?

can policy market interventions cause consumer or producer surplus?

The highest-speed winds on Jupiter are in the equatorial jet stream, which has a velocity of 150 m/s. How long does it take for these winds to circle Jupiter?

Which of the following would cause the demand for a good to be relatively inelastic? A. The good has a large number of close substitutes B. Expenditures on the good represent a large share of consumer income. C. There is ample time to adjust to price changes. D. The good is a necessity E. The price of the good is in the upper left section of a linear demand curve

Refer to the graph below. What is the value of consumer surplus when the market price is $\$ 40$ ?

a. $\$ 400$ b. $\$ 800$ c. $\$ 4,000$ d. $\$ 8,000$ e. $\$ 16,000$

If Kylie buys 200 unit s of good X when her income is $20,000 and 300 units of good X when her income increases to$25,000, her income elasticity of demand, using the midpoint method, is A. 0.06 B. 0.5 C. 1.65 D. 1.8 E. 2.00

What does a perfectly elastic demand curve look like?