It has been shown that when offered higher wages, women will work more hours. This is because
a. women tend to work more hours than men at any wage rate.
b. the substitution effect is more dominant for women.
c. the income effect is more dominant for women.
d. women are more productive than men at higher wages.
b
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If Sail Away Cruises offers customers a free cruise ticket with each full priced cruise ticket purchased, this is an example of ________.
A) zero-degree price discrimination B) first-degree price discrimination C) third-degree price discrimination D) second-degree price discrimination
A college student decides to spend the afternoon watching three movies rented from Red Box. The cost of each movie is $1. The student was willing to pay $4 to rent each of the first two movies and $2 to rent the third movie. What was the marginal benefit received by the student when renting the 1st movie?
A. $1 B. $8 C. $4 D. $2
When a country moves away from a free trade position and imposes a tariff on imports, it causes
a. a decrease in total surplus in the market. b. a decrease in producer surplus in the market. c. an increase in consumer surplus in the market. d. a decrease in revenue to the government.
Can economic profit ever exceed accounting profit?