A normal good is a good for which the demand increases as income decreases, holding everything else constant
Indicate whether the statement is true or false
FALSE
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Because minimum wage is a price floor
A) it will maximize consumer surplus. B) it will create a deadweight loss. C) it will be set below the market equilibrium price. D) it will increase the number of jobs available in the labor market.
What is a flexible exchange rate and how does it work?
What will be an ideal response?
The largest source of federal government revenue is
a. corporate income taxes b. individual income taxes c. payroll taxes d. sales and excise taxes e. tariffs on imported goods and other customs fees and duties
A natural monopoly is producing an output level of 1,000 units per day. If the monopoly is broken up into 5 firms, then average total cost for each of the 5 firms
a. will exceed the monopolist's average total cost b. will equal the monopolist's average total cost c. will fall below the monopolist's average total cost d. may equal or fall below the monopolist's average total cost e. may equal or exceed the monopolist's average total cost