The ancient Greek philosopher, Plato, concluded that in an ideal society the income of the richest person
a. would be equal to the income of the poorest person.
b. would be no more than four times the income of the poorest person.
c. would be reflective of the effort put forth by that person.
d. would be taxed at a higher rate than the income of the poorest person.
b
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Will people, on average, tend to eat more grapefruit in Florida or in Illinois? In which state will the people, on average, tend to eat better quality grapefruit? Explain, using the concept of relative price.
What will be an ideal response?
As a "central bank," which of the following is true regarding the Fed?
What will be an ideal response?
An increase in supply means that the quantity supplied
A. does not rise at any price. B. increase only at the equilibrium price. C. increases at most prices. D. increases at all prices.
Quick Buck and Pushy Sales produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product.
Suppose Quick Buck and Pushy Sales decide to collude and work together as a monopolist with each firm producing half the quantity demanded by the market at the monopoly price. If Quick Buck cheats by reducing its price to $1 while Pushy Sales continues to comply with the collusive agreement, then Quick Buck will sell ________ units and Pushy Sales will sell ________ units.
A. 3,000; 1,000 B. 2,000; 1,000 C. 3,000; 0 D. 0; 3,000