If we know average total cost and the amount of output, then we can always calculate total cost by
A) adding average total cost and the amount of output.
B) subtracting the amount of output from average total cost.
C) multiplying average total cost by the amount of output.
D) dividing average total cost by the amount of output.
C) multiplying average total cost by the amount of output.
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The above figure shows the market for pizza. Which figure shows the effect of a decrease in the price of a hamburger, which for consumers is a substitute for pizza?
A) Figure A B) Figure B C) Figure D D) Figures B and C
A minimum wage set above the equilibrium wage will
A) create a shortage of labor. B) create a surplus of labor. C) have no effect because the equilibrium level of employment is not affected by a minimum wage above the equilibrium wage. D) create a lower wage rate for skilled workers than for unskilled workers.
In the case of a negative externality, the government can use a ________________ to turn an inefficient outcome into an efficient one. In the case of a positive externality, the government can use a ________________ to turn an inefficient outcome into an efficient one.
A. tax; subsidy B. subsidy; tax C. tax; tax D. subsidy; subsidy
A research firm finding concluded that the price elasticity of demand for movie tickets is elastic in the afternoon but inelastic in the evenings. Given this information, to increase overall revenue the theatre owners should
a. Reduce the ticket prices for the afternoon shows and reduce the ticket prices for the evening shows b. Increase the ticket prices for the afternoon shows and reduce the ticket prices for the evening shows c. Reduce the ticket prices for the afternoon shows and increase the ticket prices for the evening shows d. Increase the ticket prices for the afternoon shows and increase the ticket prices for the evening shows