If a nail salon hires an additional worker, that worker can service 8 additional customers per day. The average nail service fee is $30. The most the salon would be willing to pay that worker is
A. $8 per day.
B. $30 per day.
C. $240 per day.
D. indeterminate with the given information.
Answer: C
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The maximum amount Jameson would be willing to pay for a cupcake, less the price he actually pays, is called
A) consumer surplus. B) producer surplus. C) cooperative surplus. D) deadweight loss.
Changes in technology over time will result in
A) a more inelastic supply curve. B) a more elastic supply curve. C) a unitary elastic supply curve. D) no change in the elasticity of supply.
The U.S. Bureau of Labor Statistics forecasts that by 2024, total employment in U.S. manufacturing will
A) decline to 11.4 million. B) increase to 12.3 million. C) remain the same as it was in 2016. D) virtually cease to exist.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point E necessarily represents
A. only motorcycles being produced. B. overallocation of resources. C. an impossible production point. D. technological advancement.