Refer to the information. If the Mudhens' management wanted to maximize total revenue from the game, it would set the ticket price at:
A. $5.
B. $7.
C. $9.
D. $13.
B. $7.
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Which of the following statements correctly describes perfectly competitive market equilibrium?
A) There is always excess supply or excess demand when the market is in equilibrium. B) Multiple equilibriums are possible for a given set of demand and supply curves. C) Government intervention is necessary for the market to reach equilibrium. D) Any deviation from equilibrium is automatically restored.
Trade results from
A) comparative advantage. B) diminishing returns. C) self-sufficiency. D) absolute advantage.
The marginal propensity to consume equals
A) consumption expenditure divided by the change in disposable income. B) the change in consumption expenditure divided by disposable income. C) the change in consumption expenditure divided by the change in disposable income. D) consumption expenditure divided by disposable income. E) the change in autonomous consumption divided by the change in induced consumption.
Suppose the economy is in a long-run equilibrium when a temporary, favorable aggregate supply shock occurs. On the graphs above, show what happens to bring the economy back to long-run equilibrium, assuming that there is no policy response
In words, explain why "no response" is the best policy.