For which of the following products is demand likely to be least elastic with respect to price?
A. Green beans
B. Food
C. Vegetables
D. Green vegetables
Answer: B
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Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
After trade, at a world price of Pw, consumer surplus equals area(s)
A. A + B + C + D. B. A + D. C. A. D. A + B + C.
The table above provides information about the marginal private benefit for education
The marginal private cost, which also equals the marginal social cost, of educating a student is $16,000 per year and does not change as more students are educated. There is an external benefit from education that is equal to $12,000 per student year and does not change as more students are educated. What is the efficient amount of education? A) 40,000 student-years B) 60,000 student-years C) 80,000 student-years D) 100,000 student-years
When a grocery store offers discount coupons in Sunday papers, it is trying to
a. Price discriminate b. Undercut its competition c. Reward the frequent readers d. Provide a social service
When private ownership rights are well-defined and enforced, owners
a. can ignore the wishes of others, without bearing the cost. b. have little incentive to take care of things. c. can do anything they want with their property. d. can be held accountable for damage to others through misuse of their property.