Which of the following is not a result of binding government price controls?
A) Some people win and some people lose.
B) Price controls benefit poor consumers but harm producers and wealthy consumers.
C) Price controls decrease economic efficiency.
D) A deadweight loss will occur.
Answer: B
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A) nonsystematic risk B) systematic risk C) credit risk D) arbitrary risk
Refer to Scenario 12.2. Suppose that the marginal cost increases such that:
MC = Q + 10 What is the profit maximizing level of output? A) 171.43 B) 120 C) 150 D) all of the above E) none of the above
Suppose that a new study finds that eating more fish will improve a person's health. As a result
A. a smaller amount of fish will be purchased. B. the price of fish will fall. C. the demand for fish will rise. D. the demand for fish will fall.
Jerry's Marginal Utility for consuming beer and pizza with $8.00 in income
In the above table, Jerry experiences diminishing marginal utility after consuming how many hotdogs?
A. 1 B. 2 C. 3 D. 4