A violinist will take no less than $40,000 a year touring with the Seattle Symphony Orchestra. Otherwise she would prefer to work as a music teacher in Seattle. The Orchestra actually pays her $75,000 . The rent component of her orchestra wage is
a. $40,000
b. $75,000
c. $115,000
d. $35,000
e. $0
D
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When a government mandate sets the rental price of an apartment below the market clearing level, which of the following result?
A) More apartments are rented. B) Landlords attempt to make up for the lower rental income by charging more for security deposits and cleaning fees. C) Landlords discriminate less. D) Landlords address their tenant's requests in a more prompt manner.
What is meant by the first-mover advantage? How does commitment matter in a game with a first-mover advantage? a. Some games have a first-mover advantage and others do not. Suppose you were playing rock-paper-scissors as an extensive form game
First you choose rock, or paper, or scissors and then your opponent makes a choice. Is there a first-mover advantage in this game? b. Two firms are thinking of entering a new market. If only one enters, it will make high profits. If two firms enter, then both will suffer losses. Suppose that the game is played sequentially, with Firm 1 deciding first. Does this game have a first-mover advantage?
Johnny has worked as a CPA for five years and wants to open his own public accounting practice. The cost of his college degree in accounting represents
A) the opportunity cost of this endeavor. B) a sunk cost. C) an expense. D) a variable cost.
The quantity of real GDP rises with the price level, ceteris paribus
a. True b. False Indicate whether the statement is true or false