If one day it was discovered that lime juice caused cancer, which of the following would likely result?
A) The supply curve for lime juice would shift to the right.
B) The supply curve for lime juice would shift to the left.
C) The demand curve for lime juice would shift to the right.
D) The demand curve for lime juice would shift to the left.
Answer: D
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The federal minimum wage in 2010 was $7.25. If this wage rate was less than the equilibrium wage, what is the effect?
A) The minimum wage does not create unemployment. B) The number of people who want to work at the minimum wage is the same as the number of available jobs. C) The number of people who want to work at the minimum wage is greater than the number of available jobs. D) Deadweight loss exists.
A cubic cost function implies:
A) a U-shaped average variable cost curve. B) a U-shaped marginal cost curve. C) a U-shaped average cost curve. D) all of the above
Wild Woman's Wild Wilderness Adventures sells 1,000 vacation packages each year. The average total cost of the packages is $450 and each package sells for $770 . Annual profit is
a. $230 b. $320 c. $2,300 d. $320,000 e. $3.2 million
In reality, the long-run supply curve tends to be:
A. perfectly inelastic. B. perfectly elastic. C. upward sloping. D. downward sloping.