LAPD needs to increase the size of its police force, and it will cost them $100,000 per year to recruit two full-time officers. The LAPD should ask the mayor to:
a. impose an extra charge on citizens who require extra police protection.
b. keep the current force and provide less security
c. hire a private firm to provide extra security.
d. increase the tax paid by citizens.
d
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The text's discussion of the airline industry, the soft drink industry, and the doughnut industry reveals a common theme when it comes to the types of competitive practices firms in each industry engage in
What is it and what advantage does it offer firms?
Which of the following features is characteristic of monopolistic competition?
a. many large producers b. homogeneous products c. differentiated products d. No individual producer has any influence on the market price.
Given full-employment output = $2,800, equilibrium real GDP = $2,500, and MPS = 0.25, which of the following changes would most likely bring the economy to a full-employment level of real GDP?
A. $300 decrease in taxes. B. $75 increase in government spending. C. $75 decrease in taxes. D. $75 decrease in government spending.
Assume the graph shown represents Dawn's budget constraint. If Dawn's income to spend on these two items increased and Dawn spends all her income on these two goods, then Dawn's total utility from consuming these two goods:
A. will likely go up, since she can afford more of both goods now. B. will likely go down, since her marginal utility of additional items decreases the more she consumes. C. will likely go up, since her marginal utility of additional items increases the more she consumes. D. will likely go down, since she is probably sick of these two things already.