Based on the graph showing marginal cost pricing versus average cost pricing, society achieves allocative efficiency at point ______.
a. A
b. B
c. C
d. PMC, Qm
c. C
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In the above table, the cross price elasticity of demand for good Z with good Y when PY rises from $15 to $18 is
A) -2.20. B) +2.20. C) +1.10. D) -1.10.
Which pair of goods is likely to have the largest positive cross-price elasticity?
A. Peanut butter and jelly B. Butter and margarine C. Ramen noodles and a Rolex watch D. Cross-price elasticity is always negative, and simply reported in absolute value.
An increase in consumer income will shift both the supply and demand curves.
Answer the following statement true (T) or false (F)
How does the labor force participation rate of women compare to that of men in the United States?
A. The labor force participation rates between the two groups is about the same. B. Women participate less than men when young (20-34 years old) but at the same rate as men in later years (35-54 years old). C. Men participate less than women at all ages. D. Men participate less than women when young (20-34 years old) but at the same rate as women in later years (35-54 years old). E. Women participate less than men at all ages.