Some goods can be either common resources or public goods depending on
a. whether the good is rival in consumption.
b. whether the good is excludable.
c. the marginal cost of the good.
d. None of the above is correct.
a
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The figure above shows the costs and demand curves for the Bigshow Cable Company. If the regulator of Bigshow Cable Company set its price at $4, the company would
A) receive a producer surplus equal to $18 million. B) make zero economic profit. C) incur an economic loss of $7 million. D) none of the above.
Excise taxes create inefficiency by ______.
a. allowing economic choices to be politically controlled b. allowing the market to determine the cost of harmful products c. placing an unfair burden on the highest wage earners d. excluding major product categories from government oversight
In the production possibilities frontier depicted in the figure above, which of the following combinations of hats and bananas is unattainable?
A) 4 million pounds of bananas and 4 million hats B) 2 million pounds of bananas and 5 million hats C) 0 pounds of bananas and 6 million hats D) 1 million pounds of bananas and 3 million hats
Refer to Table 11-6. Alicia Gregory owns a foot massage business. She leases 4 computer-controlled massage booths, for which she pays $125 per day. She cannot increase the number machines she leases without giving the manufacturer 3 months notice
She can hire as many workers as she wants at a cost of $75 per day per worker. These are the only two inputs she uses in her business. Use this information to fill in the columns in the above table.