If a boxing fight is shown on pay-per-view television every Saturday at 4pm, the demand curve for each fight is given below.
If viewing a fight were free to anyone who tuned in, total economic surplus would be ________.
A. $25 million
B. $225 million
C. $625 million
D. $50 million
Answer: C
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In a market economy, persons undertaking an investment project must
A) get the approval of several banks before the project can be undertaken. B) obtain approval from political authorities before the project can be undertaken. C) either personally supply the required funds or convince other investors to do so. D) use a corporation as a form of business organization.
A decrease in supply is shown graphically by a shift of the supply curve to the ________.
Fill in the blank(s) with the appropriate word(s).
Refer to the information provided in Table 20.1 below to answer the question(s) that follow. Table 20.1
Refer to Table 20.1. In Mexico, the opportunity cost of 1 bushel of oranges is
A. 1/2 bushel of bananas. B. 1 bushels of bananas. C. 2 bushels of bananas. D. 5 bushels of bananas.
What are the two largest sources of tax revenues for the U.S. federal government?
What will be an ideal response?