The superstar phenomenon applies to
a. all famous people equally.
b. any type of worker who has high productivity.
c. markets where technology allows the best producer to supply every customer at a low cost.
d. markets where a small group of workers produce a much higher quality product than the average worker.
c
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A surplus of wheat:
a. is impossible if people are hungry. b. is impossible if the price of wheat is below equilibrium. c. will result when the quantity demanded exceeds the quantity supplied at the current price. d. is unlikely to cause any change in the price of wheat. e. indicates that the problem of scarcity of wheat has been solved.
The largest source of unemployment is
A) re-entrants to the labour force. B) job losers. C) involuntary part-time workers. D) job leavers. E) entrants to the labour force.
If the State of California decides to raise the drinking age to 25, what would happen to the demand for beer?
A. The demand for beer will shift left. B. The demand for beer will stay the same, but people will move up the demand curve consuming less. C. The demand for beer will shift right. D. One cannot tell what will happen with the information given.
Ben is asked to rate the utility he would get from reading different types of publications for the next hour. If he read a graphic novel he would get utility of 5. If he read a biography, he would get utility of 4, and if he read his economics textbook, he would get utility of 9. An economist would predict that Ben will spend his next hour reading:
A. It is impossible to predict how Ben will spend his time. B. a graphic novel. C. his economics textbook. D. a biography.