Sellers will opt out of markets in which
What will be an ideal response?
information about buyers is inadequate, and some buyers can impose high costs on the sellers.
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Which statement is false?
A. During the Great Depression millions of working-class and middle-class people demanded welfare payments. B. Until the 1930s the prevalent theory of poverty was that the poor were lazy. C. The heritage of slavery theory explains most poverty in this country. D. None of these statements are false.
Economic profit might result from:
A. easy entry into industries. B. dynamic change and uncertainty. C. X-inefficiency. D. a decline in entrepreneurship.
If demand elasticity of airline tickets is 3, what percentage change in quantity would the airlines expect from a 10% increase in price?
What will be an ideal response?
Table 15.1Table 15.1 shows the preferred budget in millions for a new sports facility and the number of thousands of voters in a community who prefer that budget. Tom proposed a budget of $7 million while Mary proposed a budget of $2 million. This suggests that Tom will get ________ thousand votes while Mary gets ________ thousand votes.
A. 7; 36 B. 22; 21 C. 27; 16 D. 31; 12