The above figures show the market for oranges. Which figure(s) shows the effect of an increase in the price of bananas, a substitute for oranges?
A) Figure A
B) Figure C
C) Figure D
D) Figure A and C
A
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Refer to the figure above. What is the equilibrium quantity of labor hired by the firm when the wage rate is $4 per hour?
A) 10 hours B) 20 hours C) 50 hours D) 70 hours
A firm that faces a downward sloping demand curve is
A) a price taker. B) a price provider. C) a price searcher. D) a price creator.
Which of the following can happen?
a. Prices are rising and the inflation rate is negative but rising. b. Prices are falling and the inflation rate is positive and falling. c. Prices are falling and the inflation rate is positive and rising. d. Prices are rising and the inflation rate is positive but falling. e. Prices are rising and the inflation rate is negative and falling.
If Olivia's income increases from $40,000 to $50,000 and her tax liability increases from $6,000 to $9,000, which of the following is true?
a. Her marginal tax rate is 18 percent in this range. b. Her marginal tax rate is 30 percent in this range. c. Her average tax rate was 22.5 percent when her income was $40,000. d. The tax structure must be regressive in the range between $40,000 and $50,000.