Assuming that dry cleaning is a normal good, an increase in consumer income, other things being equal, will:
a. increase the demand for dry cleaning.
b. decrease the demand for dry cleaning.
c. increase the quantity demanded of dry cleaning.
d. decrease the quantity of dry cleaning demanded.
a
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To maximize its profit, a single-price monopoly produces the quantity at which
A) the difference between marginal revenue and marginal cost is as large as possible. B) marginal revenue equals marginal cost. C) average total cost is at its minimum. D) the marginal cost curve intersects the demand curve. E) the marginal revenue curve intersects the horizontal axis.
Of the $840 billion American Recovery and Reinvestment Act stimulus package which was enacted in 2009, approximately ________ took the form of tax cuts and ________ took the form of increases in government expenditures
A) one-third; two-thirds B) one-tenth; nine-tenths C) one-half; one-half D) three-fourths; one-fourth
The demand for a product is likely to be more elastic when
a. the share of the total budget spent on the product is small. b. more complementary products are available. c. the consumer has a short time to adjust to price changes. d. more good substitutes for the product are available.
In the above table, if the marginal factor cost is $200, how many workers would be hired?
A. 5 B. 6 C. 3 D. 4