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Refer to the graph below. If the horizontal line on the graph represents a price floor, then the price floor is

Consider the diagram below, in which the consumer is initially maximizing utility at point A. When the price of food falls, she moves to point B. If, hypothetically, after the price change, her income was decreased to return her to her old indifference curve, she would choose point D.   Which of the following statements is accurate?

For U.S. consumers, the income elasticity of demand for fruit juice is 1.1. If the economy enters a recession next year and consumer income declines by 2.5%, what is the expected change in the quantity of fruit juice demanded next year?

Please type your full name in the box below to indicate agreement with the following statement. Agreement is required to receive a grade on the exam. I will not discuss the exam I am about to take with anyone until May 7, 2026. I understand that even giving hints about the contents, length, difficulty, or any other aspects of the exam, to students in the class or to anyone else, through any means, constitutes a breach of this pledge and will be treated as a violation of academic standards.

A firm is currently producing 100 units of output using labor and capital. The marginal product of labor is 60 and the marginal product of capital is 20. The price of labor is $10 and the price of capital is $100. Is the firm minimizing the long-run cost of producing 100 units of output? If so, explain how you know. If not, explain the adjustment the firm should make to produce 100 units of output at a lower cost. In either case, draw a carefully labeled isoquant/isocost diagram to illustrate your answer.

Refer to the diagram below. The vertical distance between A and B represents a tax on the product. When the tax is imposed in this market, sellers effectively pay what amount of the $10 tax?

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For the LAB portion of this course, which of the following statements are true? (Check all that apply)

Which of the following items do you need for this class? Check all that apply.