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ECON_ 103_B_Fall_2026:Principles of Microeconomics
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Which of the following statements about positive economic analysis is false?
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Figure 4-3
Figure 4-4 shows the market for tiger shrimp. The market is initially in equilibrium at a price of $15 and a quantity of 80. Now suppose producers decide to cut output to 40 in order to raise the price to $18.Refer to Figure 4-3. What is the value of producer surplus at the equilibrium price of $15?
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As women's wages have risen relative to men's wages, the opportunity cost to women of doing housework has ________ than has the opportunity cost to men.
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Which of the following is a normative economic statement?
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Figure 4-5
Figure 4-5 shows the market for apartments in Springfield. Recently, the government imposed a rent ceiling of $1,000 per month.Refer to Figure 4-5. Suppose that instead of a rent ceiling, the government imposed a price floor of $2,000 per month for apartments. What is the value of the deadweight loss after the imposition of the price floor?
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Figure 3-7
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for potatoes and that steak and potatoes are complements. What panel describes what happens in this market when the price of steak rises?
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Table 4-3
Refer to Table 4-3. The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of cowboy hats is $35, The Waco Kid will produce
| The Waco Kid's Cowboy Hats | Marginal Cost(dollars) |
| 1st hat | $24 |
| 2nd hat | 30 |
| 3rd hat | 38 |
| 4th hat | 46 |
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Assume there is a shortage in the market for electric vehicles. Which of the following statements correctly describes this situation?
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Table 2-7
Table 2-7 shows the output per week of two jewelers, Serena and Haley. They can either devote their time to making bracelets or making necklaces. Refer to Table 2-7. Which of the following statements is true?
| | Serena | Haley |
| Bracelets | 8 | 9 |
| Necklaces | 16 | 12 |
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The production possibilities frontier model shows that
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