Jeans in general have fewer close substitutes than a specific brand of jeans. Therefore, the demand for jeans in general will be ________ than the demand for a specific brand of jeans.
A. more elastic
B. more unit elastic
C. less elastic
D. less inelastic
Answer: C
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The figure above shows the market for pants. If 6 million pairs of pants are produced, the deadweight loss is
A) zero. B) the triangle ABE. C) the triangle BCE. D) the triangle ACE. E) the triangle BCE minus the triangle ABE.
The population of individuals at least 16 years of age can be broken into 3 groups. They are
A) the unemployed, discouraged workers, and retirees. B) those employed full-time, those employed only part-time, and the unemployed. C) those working in the for-profit sector, those working in the nonprofit sector, and individuals who are unemployed. D) none of the above.
Cory has just graduated from veterinary school. He can earn $40,000 working at a small animal clinic or $50,000 working with farm animals and horses where the risks of getting injured by an animal are higher. The higher salary to work with larger animals is an example of
a. a compensating differential. b. signaling theory. c. an efficiency wage. d. efficient union bargaining.
What does the term "marginal" mean in economics?
A) the edge of a market B) an additional or extra C) illegal D) secondary E) trivial