If a price ceiling of $4.00 per gallon is imposed on gasoline, and the market equilibrium price is $4.50, then the price ceiling is a binding constraint on the market
a. True
b. False
Indicate whether the statement is true or false
True
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The benefit from a good or service that you purchase is measured by
A) the dollar amount that is paid for the good or service. B) the dollar amount you can get by selling the good or service. C) what you are willing to give up to obtain the good or service. D) how strong the incentives were that led to buying the good or service. E) None of the above answers is correct because there is no way to measure the benefit you receive from purchasing a good or service.
The bargaining power of Transnational Corporations is likely to be greatest when they are looking for
a. specific natural resource b. low-wage labor c. marketing centers d. licensing agreements
Employment can rise in one region of the country while it falls in another
a. True b. False Indicate whether the statement is true or false
When price is $10 the monopolist can sell 100 units. In order to sell 101 units, the price must fall to $9 . Which of the following is the monopolist's marginal revenue from selling the 101st unit?
a. -$91. b. $10 c. $99 d. $909