Scarcity affects
A) only rich people.
B) only poor people.
C) only middle income people.
D) all people.
Answer: D
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Which of the following is an example of a "how much" decision?
A) The Zhous have demolished their old home and are debating whether to build a ranch-style house or a Craftsman home. B) The Pleasantville movie theatre is open only in the evenings. The theatre's manager is debating whether to add daily matinee shows. C) You're planning to hold a graduation party and must decide between having your party catered or having a pot-luck. D) Chelsea has withdrawn from the swim team to take a full-time job.
Which of the following statements is true?
A. When production of a good yields positive externalities but output is currently at the market level, then a change in output to the socially optimal level will certainly be for the worse. B. When production of a good yields negative externalities but output is currently at the market level, then a change in output to the socially optimal level will cause benefits to increase by an amount greater than costs will increase. C. When production of a good yields positive externalities but output is currently at the market level, then a change in output to the socially optimal level will cause benefits to increase by an amount less than costs will increase. D. a, b, and c E. none of the above
Promotional pricing is designed to take advantage of differences in the price elasticity of demand among customers. As such, it is an application of first-degree price discrimination
Indicate whether the statement is true or false
The demand curves for gold in New York and Zurich can both be represented by a line with negative slope, -b. When the price is zero the demand for gold is x ounces higher in New York than in Zurich
At the current price of gold the price elasticity of demand for gold in New York and Zurich is -3 and -4 respectively. The value of x equals A) a quarter of the current demand for gold in New York B) a third of the current demand for gold in New York C) a half of the current demand for gold in New York D) three-quarters of the current demand for gold in New York E) none of the above