Every time you go to the grocery store, you try to wait in the shortest line. But the lines always seem to be roughly the same length. Why?
A. The cashiers work at the same speed.
B. Other people are trying to choose the shortest line too.
C. Random chance equalizes the length of the lines.
D. The cashiers do not have an incentive to work faster.
Answer: B
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Something that affects the amount of money in existence will
A) affect all markets. B) have no particular effect. C) have an effect only if the change in money is large. D) not affect the economy as a whole but may affect certain key markets such as the market for loans.
What is a laissez-faire economy?
What will be an ideal response?
If new firms enter a monopolistically competitive industry, the demand facing a typical firm increases
a. True b. False Indicate whether the statement is true or false
Suppose Hillary values a large order of French fries at $4 . Bill values a large order of French fries at $7 . The pre-tax price of a large order of French fries is $2 . The government imposes a "fat tax" of $3 on each large order of French fries, and the price rises to $5 . The deadweight loss from the tax is
a. $4, and the deadweight loss comes from both Hillary and Bill. b. $4, and the deadweight loss comes only from Hillary because she does not buy a large French fries after the tax. c. $2, and the deadweight loss comes from both Hillary and Bill. d. $2, and the deadweight loss comes only from Hillary because she does not buy a large French fries after the tax.