An example of an ineffective price ceiling would be the government setting the maximum price of wheat at ________ per bushel when the market price is at $5.00 per bushel.
A. $2.25
B. $3.00
C. $4.75
D. $6.00
Answer: D
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The statement “Resources employed in producing X are better suited to making Y” is another way of saying
A. the production possibilities frontier is “bowed out.” B. the production possibilities frontier is a straight line. C. the production possibilities frontier is “bowed in.” D. resources are unproductive. E. resources have no opportunity cost.
Describe the basic characteristics of the monopoly model and explain how these characteristics affect the ability of a monopolist to earn positive economic profits, both in the short run and over time
What will be an ideal response?
In the above table, if the marginal revenue product is $18, how many workers will the profit maximizing monopsonist hire and what wage will they pay each worker?
A) 5; $18 B) 3; $14 C) 3; $18 D) 4; $16
As Reba consumes four slices of pizza, her total utility rises from 0 to 18, to 24, to 28, and to 30, respectively. What is her marginal utility of the first slice of pizza?
a. 18 b. 24 c. 2 d. 7 e. 8