The basic tools of supply and demand apply to
a. both markets for goods and services and markets for labor services.
b. markets for goods and services but not to markets for labor services.
c. markets for goods and services but not to markets for factors of production.
d. all markets except those in which demand is derived demand.
a
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To maximize the social pie, a tax on pollution must equal the external cost created by the polluting activity
Indicate whether the statement is true or false
Suppose the price of coffee is $3 each, the price of bagels is $2 each and a person's budget is $40. The person's real income is
A) $40. B) $13.33 in terms of bagels. C) $13.33 in terms of coffee. D) $8.
Which is a possible solution to a divisional conflict regarding a decision
a. change the division that has the authority to make the decision b. change the information flow so that the decision maker is better informed c. change the evaluation and reward scheme governing the decision maker d. all of the above
The U.S. Postal Service has found its monopoly eroded over time because
a. the demand for mail delivery has become more inelastic b. Congress has taken away their monopoly over first-class mail c. the U.S. Postal Service cannot handle the volume of transactions d. the price of stamps has increased relative to other substitutes, such as the telephone, email, and online transactions e. of the decline in the use of fax machines