Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. Given the scenario described, if the market price of hammers increased from $9 to $13:
A. Lace Hardware Hardware's producer surplus would increase by $3.
B. House Depot's producer surplus would increase by $4.
C. Bob's Hardware's producer surplus would remain unchanged.
D. All of these statements are true.
Answer: D
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In 2012, the bottom one-fifth of U.S. households earned ________ of the nations total income
A) just over 3% B) just under 9% C) approximately 25% D) just under 50%
According to 2014 data on the U.S. population, which of the following was correct for the adult population of prime working age, ages 25-54?
a. Black males had higher labor-force participation rates and lower unemployment rates compared to white males. b. Black males had both higher labor-force participation rates and higher unemployment rates compared to white males. c. Black males had both lower labor-force participation rates and lower unemployment rates compared to white males. d. Black males had lower labor-force participation rates and higher unemployment rates compared to white males.
If M were 10,000, P were 10, and Q were 5,000, how much would V be?
What will be an ideal response?
In economics, "demand" refers to
A) what people need instead of want without paying for it. B) the minimum amount of a good people need to survive. C) the satisfaction a good will provide a person. D) how much of a good people will buy at any price during a given time period.