Table 10.2Table 10.2 contains price, demand, and cost data for the Capri Theater, the only first-run movie theater in a small town. What is its revenue from non-students under the single price policy?
A. $300
B. $360
C. $450
D. $540
Answer: B
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Import bans, import quotas, voluntary export restraints, and tariffs on goods all
A) increase imports and reduce prices for consumers. B) reduce imports and prices for consumers. C) reduce imports and raise prices for consumers. D) increase imports and raise prices for consumers.
The management of a rental building faces a rent control situation, where it cannot charge more than $400 a month in rent on the apartment. The management knows that the apartments are high in demand and renters would be willing to be $1000 per month for them. The management decides to offer controlled rent but force the tenants to rent furniture from them. This is an example of
a. Tying b. Bundling c. Exclusion d. Fraud
Refer to the graph shown. If the government set the selling price equal to the marginal cost, the firm in the graph would be:
A. making zero economic profits. B. sustaining losses and eventually would go out of business. C. making economic profits. D. making normal profits.
Consumer surplus is given by the area:
a. above the supply curve but below the price b. below the supply curve c. below the demand curve but above the price d. below the demand curve e. none of the above