If the price of tangerines increases, the price of oranges also rises because
A) buyers' incomes must have decreased, and oranges are an inferior good.
B) if the supply of tangerines decreased, then the supply of oranges also must decrease.
C) buyers must have expected a higher price for oranges and thus increased their demand for oranges.
D) consumers consider the two goods complements, and so sellers decreased the supply of oranges.
E) consumers consider the two goods substitutes, and demand for oranges increases.
E
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The above figure represents the market for teenage workers at fast-food restaurants in Kansas City
a) What is the equilibrium wage rate and employment? b) Describe the market at a wage rate of $6 per hour. c) Describe the market at a wage rate of $12 an hour. d) How would an increase in the number of young, married college graduates, who tend to eat at fast-food restaurants, affect the figure, the equilibrium wage rate, and employment?
What would the Herfindahl-Hirschman Index equal for an industry consisting of six firms with market shares of 40 percent, 30 percent, 20 percent, 5 percent, 3 percent, and 2 percent?
A. 0.95 B. 2.934 C. 2,938 D. 10,000
The work of a firm's manager is
a. entrepreneurship b. human capital c. labor d. more difficult and deserving of a higher reward than the work of labor e. essentially to assume risk and uncertainty
Which of the following reasons explain why a natural monopoly might exist?
A. The government has banned other firms from entering the market. B. The good or service is not proprietary. C. Extremely high start-up costs. D. A cartel owns the natural resource.