An incentive is a concept that addresses which question used by economists?
A. What are the wants and constraints of those involved?
B. What are the trade-offs?
C. How will others respond?
D. Why isn't everyone already doing it?
C. How will others respond?
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Which of the following will increase the wage rate?
A) an increase in the adult population B) an increase in the retirement age C) an improvement in technology that increases the marginal product of labor D) Both answers A and B are correct.
A decrease in the equilibrium price for a product will result
A) when the quantity demanded for the product exceeds the quantity supplied. B) when there is a decrease in supply and a decrease in demand for the product. C) when there is an increase in supply and a decrease in demand for the product. D) when there is a decrease in demand and a decrease in the number of firms producing the product.
Allegiant Air holds a natural monopoly on most of the routes it serves in the United States. Allegiant Air's marginal revenue will ________ when its total revenue ________
A) equal $0; is maximized B) be negative; is maximized C) be positive; is maximized D) inelastic; is increasing E) elastic; is increasing
Refer to the figure above. The producer surplus before the imposition of the tax is given by the area ________
A) GHF B) GAE C) JBHF D) JBC