. +21% ¸ +6% = +3.5. This coefficient indicates that each 1 percent increase in the price induces a ______ percent increase in the quantity supplied.
a. –35
b. –3.5
c. 35
d. 3.5
d. 3.5
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The allocation of resources is efficient under an idealized free market system
a. True b. False Indicate whether the statement is true or false
At its peak labor union membership was about _____% of the labor force.
A. 15 B. 25 C. 35 D. 45
Rachel left her job as a graphic artist, where she earned $42,000 per year, to open her own graphic arts firm. Her explicit costs for her new business include:
A. only the expenses incurred for office space, equipment, and supplies. B. only her forgone salary of $42,000 per year. C. neither the expenses incurred for office space, equipment, and supplies nor her forgone salary of $42,000 per year. D. both the expenses incurred for office space, equipment, and supplies and her forgone salary of $42,000 per year.
Table 16.1Both firms depicted in Table 16.1 can benefit if Firm A sells its pollution permit allowing it to generate 1,000 gallons of wastewater to Firm B for:
A. a price between $12 and $15. B. a price between $0 and $6. C. a price greater than $20. D. It is not possible for firms to benefit if Firm A sells a permit to Firm B.