Suppose that Lady Gaga sells 1,000 tickets to a concerts at $480 each. If the equilibrium price is $600 per ticket for a fixed supply of 1,000 tickets, what is the value of the additional economic rent that Lady Gaga could earn if she charged the market clearing price?
A. $480,000
B. $1,080,000
C. $600,000
D. $120,000
Answer: D
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If a leader wanted to show how many weapons she would have to give up in order to increase food production to a certain level, she could use a(n) ______.
a. production possibilities curve b. circular flow diagram c. demand curve d. interest calculator
Use the following figure to answer the question below.
The production possibilities frontier in the figure above satisfies the law of
A. zero trade-off. B. a single good production. C. zero opportunity cost. D. constant opportunity costs.
The total number of people aged 16 years and over who are not institutionalized ________
A) equals the number of employed plus unemployed B) is the working-age population C) does not include students D) is the labor force
The concept of limited liability
A) does not apply to a corporation. B) means that the owners of a corporation have liability limited to the value of the shares in the firm. C) means that owners of a firm are subject to double taxation. D) limits the amount of specialization that can occur in a firm.