If 80,000 people want tickets to the World Series at the current price, and there are only 55,000 tickets available,
A) the cost of obtaining a ticket for someone who doesn't yet have one will be greater than the price stamped on its face.
B) the demand for tickets is highly elastic.
C) the price is too low.
D) the quantity purchased will be greater than the quantity supplied.
A
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According to the textbook, people add to their stock of human capital by
A) divesting of their personal assets. B) investing in their personal skills. C) rearranging their pension portfolios. D) attempting to systematically reduce, rather than expand upon, their human capabilities. E) engaging in all the above.
Suppose a multi-product monopolist sells two complementary goods, A and B. Annual market demand for good A is QdA = 600 - 25PA - 12PB. Each time a consumer buys A, his demand for B is QdB = 4 - 0.4PB. The marginal cost of good A is a constant $4, and the marginal cost of good B is a constant $0.50. Suppose the price of good B is $5. If the monopolist considers the effect of additional sales of A on the sales of good B, what will be its total profit from the sales of A and B?
A. $7,414.75 B. $5,752.25 C. $4,422.25 D. $1,429.75
Relative-price variability
a. rises with inflation, leading to an improved allocation of resources. b. rises with inflation, leading to a misallocation of resources. c. falls with inflation, leading to an improved allocation of resources. d. falls with inflation, leading to a misallocation of resources.
Under an emissions tax program, the government sets ____; under an emissions permits program, the government sets ____.
A. the price of the right to pollute; the price of the right to pollute B. the price of the right to pollute; the permitted total quantity of pollution C. the permitted total quantity of pollution; the price of the right to pollute D. the permitted total quantity of pollution; the permitted total quantity of pollution