If the supply of aisle seats equals the supply of middle seats on an airplane, and the demand for aisle seats is _____________ than the demand for middle seats, then the equilibrium price of aisle seats will be ______________ the equilibrium price of middle seats
A) greater; higher than
B) less; higher than
C) greater; lower than
D) less; the same as
A
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If a job requires two activities and there are two workers who can perform those activities, then which of the following statements regarding absolute advantage must be false?
a. One worker can have an absolute advantage in both activities. b. One worker may not have an absolute advantage in neither activity. c. Neither worker can have an absolute advantage in either activity. d. Both workers can have an absolute advantage in both activities.
A pure monopoly may generate economic profits because ________.
A. marginal revenue is constant as sales increase B. of barriers to entry C. of rising average fixed costs D. of advertising
Explain the general theory of the classical models comparing to Keynes theories
What would be an ideal response?
Hank requires 1 hour to cut the grass and 3 hours to clean the house. His sister Holly requires 1 hour to cut the grass and 4 hours to clean the house. Which of the following statements is true?
A) Hank has a comparative advantage in both cutting the grass and cleaning the house. B) Hank and Holly both have a comparative advantage in cutting the grass. C) Hank has a lower opportunity cost of cutting the grass. D) Hank has an absolute advantage in both cutting the grass and cleaning the house. E) Holly has a comparative advantage in cutting the grass.