A long line at the campus bookstore at the beginning of the term is an example of
A) price rationing.
B) an ineffective price ceiling.
C) a non-price rationing device.
D) an ineffective price floor.
C
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Assuming the market of soda has a regular downward sloping demand curve and upward sloping supply curve, the tax will ________ the price paid by buyers and ________ the price received by sellers
A) decrease; increase B) decrease; decrease C) increase; increase D) increase; decrease
Consider a perfectly competitive firm that produces computers. Each additional worker at this firm can produce four computers. Calculate the marginal factor cost if the computers are sold for $1,000 each, and the firm is maximizing profit. (Assume that marginal revenue product is the product of marginal product of the input and the marginal revenue of the firm.)
a. $4,000 b. $500 c. $1,000 d. $1,500 e. $400
(Appendix) In the production function Q = 10L1/2K1/2, if the inputs are quadrupled, are there economies of scale? 
.
What will be an ideal response?
The basic reason for the multiplier effect is that when you spend money,
A. another person receives income. B. another person must pay for it. C. your money balances are reduced. D. your net worth decreases.