Christy's Haircuts, the sole supplier of haircuts in a small town, faces the demand schedule shown in the table above. What is Christy's marginal revenue from the 35th haircut?
A) zero
B) -$5.00
C) $5.00
D) $12.50
B
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The basic idea behind an auction is that:
A) buyers want to buy from the sellers with the lowest ask prices, and sellers want to sell to buyers with the highest bid prices. B) buyers want to buy from the sellers with the highest ask prices, and sellers want to sell to buyers with the highest bid prices. C) buyers want to buy from the sellers with the highest ask prices, and sellers want to sell to buyers with the lowest bid prices. D) buyers want to buy from the sellers with the lowest ask prices, and sellers want to sell to buyers with the lowest bid prices.
Because of the income effect, the labor supply curve is
A) eventually backward bending as wage rate increases. B) positively sloped. C) horizontal. D) vertical.
The phrase "double coincidence of wants" ________
A) is useful to explain why barter is an efficient practice B) refers to two people who have similar tastes C) suggests a quite improbable circumstance D) clarifies the distinction between income and wealth E) none of the above
In an Israeli factory, each worker can produce 2/5 of a shirt in an hour or 1/3 of a pair of pants in an hour. If there are 500 workers in the factory, then the maximum number of shirts that can be made in an hour is
a. 100 b. 200 c. 50 d. 250 e. 300