Which of the following does NOT affect the long-run aggregate supply curve?
A. technology
B. price level
C. endowments of resources
D. production possibilities curve
Answer: B
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The above figure shows Katie's consumption possibilities. The relative price of a movie ticket is
A) 1 restaurant meal. B) 0.25 restaurant meals. C) 4 restaurant meals. D) 2 restaurant meals.
Price discrimination is a rational strategy for a profit-maximizing monopolist when
a. the monopolist finds itself able to produce only limited quantities of output. b. consumers are unable to be segmented into identifiable markets. c. the monopolist wishes to increase the deadweight loss that results from profit-maximizing behavior. d. there is no opportunity for arbitrage across market segments.
If everyone earned the same income, the Lorenz curve would be
A) a rectangular hyperbola. B) a straight line from the origin at a 45-degree angle. C) the horizontal axis. D) very bowed from the diagonal.
The Honolulu tourism commission proposed a 6 percent tax on hotel rooms to pay for an outdoor amphitheater. A Purdue University economist estimates that the tax would result in a 6 percent increase in the price of hotel rooms. If the elasticity of demand is 1.33, what is the expected change in quantity demanded?
A. 12.5 percent B. ?8 percent C. 8 percent D. ?12.5 percent