The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.
Relative to point X, at point Y:
A. fewer skirts and fewer dresses are produced.
B. more dresses and fewer skirts are produced.
C. more dresses and more skirts are produced.
D. more skirts and fewer dresses are produced.
Answer: D
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When we move along a given demand curve,
a. only price is held constant. b. income and price are held constant. c. all nonprice determinants of demand are held constant. d. all determinants of quantity demanded are held constant.
Producer surplus is measured as the area
A. below the demand curve and above the market price. B. below the supply curve and above the market price. C. above the supply curve and below the market price. D. above the demand curve and below the market price.
The above figure shows a labor market with minimum wage equal to $16. In this figure, what area equals the resources lost because of job search?
A) area A B) area B C) area C D) area D E) area E
If the government wants to minimize the welfare loss of a tax, it should tax goods with more inelastic demands or supplies
Indicate whether the statement is true or false