Higher education is a normal good. If its price falls,
a. the quantity of higher education demanded will fall
b. the substitution and income effects work in opposite directions
c. the income effect is negative
d. higher education will satisfy to the law of demand
e. real purchasing power will fall
D
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A tariff is
A. a tax imposed on imports. B. a subsidy granted to imports. C. a tax imposed on exports. D. any non?subsidy used to increase trade. E. any non?tax action used to restrict trade.
A monopolist is producing at an output level at which MR = $6 and MC = $9. It could increase profits
A) by increasing both output and price. B) by reducing output and by increasing price. C) by reducing both output and price. D) by increasing output and by reducing price.
Which of the following calculations is necessary to determine whether a regulation should be implemented?
a. Marginal cost-marginal revenue calculations b. Cost effectiveness calculations c. Total cost-total revenue calculations d. Cost minimization calculations e. Cost-benefit calculations
Fred has decided to buy a burger and fries at a restaurant, but is considering whether to buy a drink as well. If the price of a burger is $3, fries are $2, and drinks are $1, but a value meal with all three costs $4.80, the marginal cost to Ted of the drink is:
a. $-0.20 b. $0.20 c. $0.80 d. $1.00