Economists generally agree that in reducing poverty, policies should be sought that do the
a. greatest good for total production.
b. least harm to work incentives.
c. most good for the poor.
d. least harm to equality of income.
b
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A single-price monopoly
A) must practice price discrimination. B) can lower its price for only a few select consumers if it wants to increase its sales. C) will set its price equal to a consumer's willingness to pay. D) must lower the price for all customers if it wants to increase its sales. E) is able to raise its price as high as it wants and consumers must still buy from it because it is a monopoly.
Members of the Federal Reserve System's Board of Governors
A) are elected for life. B) hold 14-year staggered terms. C) are a special subcommittee of the Senate. D) are elected at large by district banks.
Joe's Organic Cereal Company produces granola breakfast cereal under a fixed proportion production system in which 22 ounces of cereal are packaged in each cardboard box
However, the plant production manager decides to reduce the amount of cereal per box to 20.5 ounces at the start of the next year. For the isoquant map, cereal is plotted in the vertical axis, and boxes are on the horizontal axis. What happens to the curves in the isoquant map as a result of this change? A) Shift upward B) Shift downward C) Shift rightward D) Shift leftward
In the above table, if the marginal revenue product is $14, how many workers will the profit maximizing monopsonist hire?
A) 2 B) 3 C) 4 D) 5