When area income increases by 20 percent, _______.
a. quantity demanded rises by 10.0 percent.
b. quantity demanded falls by 10.0 percent.
c. quantity demanded does not change.
d. quantity demanded falls by 7.5 percent.
e. quantity demanded rises by 7.5 percent.
a. quantity demanded rises by 10.0 percent.
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The above figure shows the marginal social benefit and marginal social cost curves of chocolate in the nation of Kaffenia. There is no external benefit nor external cost. The demand curve for chocolate is the same as the
A) marginal social cost curve of chocolate. B) marginal social benefit curve of chocolate. C) opportunity cost curve of chocolate. D) marginal social benefit curve minus the marginal social cost curve of chocolate.
If a profit-maximizing monopolist finds that marginal cost is increasing and exceeds marginal revenue, it should: a. increase output and decrease price. b. increase price and decrease output. c. decrease both price and output
d. increase both price and output.
Which of the following is NOT exempt from antitrust laws?
A. labor unions B. airlines C. professional baseball D. public transit systems
If the minimum wage is set above the market wage
A) the quantity of labor supplied will be below the quantity of labor demanded. B) unemployment will rise. C) highly-skilled workers will have a harder time finding jobs. D) All of the above are correct.