When determination of rent is left to the market,
a. that rent price is almost entirely determined by the supply side.
b. that price can settle at politically unpopular levels.
c. land is fairly distributed among the members of society.
d. the supply of land will be perfectly elastic.
b
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If in the market for apples the supply has decreased, then
A) the supply curve for apples has shifted to the right. B) there has been a movement upwards along the supply curve for apples. C) there has been a movement downwards along the supply curve for apples. D) the supply curve for apples has shifted to the left.
For the cost function C(Q) = 100 + 2Q + 3Q2, the marginal cost of producing 2 units of output is:
A. 3. B. 14. C. 2. D. 12.
Refer to the information provided in Figure 20.3 below to answer the question(s) that follow.
Figure 20.3Refer to Figure 20.3. The domestic price of shoes is $80. After trade the price of a pair of shoes is $60. If shoes are a normal good and income in this country rises, then we would expect
A. the number of pairs of shoes exported from this country to decrease. B. the number of pairs of shoes imported into this country to decrease. C. the number of pairs of shoes imported into this country to increase. D. the number of pairs of shoes exported from this country to increase.
Use the following formula to answer the indicated question: Welfare benefit = Maximum benefit - 0.4 [Wages - (Work expenses + Child care costs)] Suppose Shanika works 2,000 hours per year at a wage of $6 per hour, has child care expenses of $3,000 per year, and has work expenses of $900. If the state maximum welfare benefit is $11,000 per year, based on the welfare formula given, Shanika's welfare benefit will be
A. $8,100. B. $7,760. C. Zero because her income exceeds the limit. D. $2,900.