The city of Burlington gets very hot each summer and very cold each winter. We would expect the demand for lemonade to:
A. increase constantly.
B. decrease each summer and increase each winter.
C. increase each summer and decrease each winter.
D. decrease constantly.
C. increase each summer and decrease each winter.
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There are two consumers in the market, Jack and Jane. Each have some coffee and candies (coffee on the horizontal axis). Jack's MRS of candies for coffee is 3. Jane's MRS of candies for coffee is 3
Which one of the following statements is incorrect? A) This allocation is on the contract curve. B) This can be a competitive equilibrium. C) This allocation is Pareto efficient. D) We can reallocate goods so as to make one person better off without harming another.
Unions are exempt from U.S. antitrust laws
a. True b. False Indicate whether the statement is true or false
The product diversity resulting from monopolistic competition comes at the expense of having:
a. firms that will earn positive profits. b. firms that are too small to maximize profit. c. higher profit than would prevail under perfect competition. d. efficiency in the long run
Government purchases include all of the following except:
A. the construction of a new court house built by a county government. B. the purchase of new military hardware by the U.S. Army. C. social security benefits paid by the federal government. D. the salary paid to an elementary school teacher employed by a local public school district.