If output sells for $6 per unit, then for 5 units of labor the firm should be willing to pay a wage rate (per unit of labor) of up to
Suppose that production at a firm occurs according to the following schedule.
a) $30
b) $45
c) $180
d) $270
e) $1950
d) $270
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Which of the following is a characteristic of a market where a price floor is in place?
A. The market quantity demanded exceeds the market quantity supplied. B. Fewer regulations are needed since the government sets the price. C. Fewer units are purchased than would be the case without the price floor. D. A smaller number of sellers than in markets without price floors.
Which of the following statements is consistent with the Coase theorem?
A. In the case of zero transaction costs, a property rights assignment (made by a court) will be undone if it benefits the relevant parties to undo it. B. In the case of zero transaction costs, the resource allocative outcome will be the same no matter who is assigned the property right. C. Taxes can do what property rights assignments cannot. D. The market can solve all negative externality problems. E. a and b
It can be said that ____ laid the foundation for the Industrial Revolution
a. the discovery of the Americas b. private property rights c. the invention of the cotton gin d. the discovery of gold e. the development of a strong judicial system
In 2015, federal taxes on tobacco raised approximately
A. $1 billion. B. $42 billion. C. $29 billion. D. $15 billion.