Which of the following is an example of a market solution to a queuing problem?
a. selling discounted televisions to the first shoppers to grab them
b. paying premium prices for reserved seats to avoid lines at a sporting event
c. selling concert tickets to the first 500 people in line
d. paying a lower price to buy general admission tickets instead of first-class seats
b. paying premium prices for reserved seats to avoid lines at a sporting event
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Trade is often restricted because the
A) gain per producer is larger than the loss per consumer. B) total gain to all producers is larger than the total loss to all consumers. C) gain per producer is less than the loss per consumer. D) total gain to all producers is smaller than the total loss to all consumers. E) gain per consumer is larger than the loss per producer.
Which statement below is true for a price taker in the long run?
A) Net revenue can only be positive. B) Net revenue can only be negative. C) Net revenue can only be zero. D) Net revenue can be positive, negative, or zero.
In the above figure, between 20 and 25 units per hour, the firm experiences
A) economies of scale. B) diseconomies of scale. C) constant returns to scale. D) increasing total fixed costs.
In reality, a manger ________ be able to maximize the firm's profit period to period due to ________ changes to a firm's demand and/or cost.
A) will; known B) will not; random C) will not; known D) will; random