When there is a shortage of parking space in your college,the
(a) demand for parking is greater than the supply
(b) supply of parking space is greater than the demand
(c) quantity of parking space supplied is greater than the quantity of parking spaces demanded
(d) quantity of parking space demanded is greater than the quantity of parking spaces supplied
(e) both answers A and D are correct
Ans: (d) quantity of parking space demanded is greater than the quantity of parking spaces supplied.
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Sandy's current consumer surplus for candy is 20. Candy is an inferior good for her. When her income increases and the price of candy remains unchanged, her consumer surplus will
A) increase. B) decrease. C) remain the same. D) Not enough information.
Which of the following could help explain why professional football players have high salaries?
a. There is little social status attached to the occupation. b. Their marginal revenue products are typically very low. c. They face a high chance of having their careers cut short. d. Many college football players want to become professional football players. e. The labor market is perfectly competitive due to the players' union.
Refer to Scenario 9.8 below to answer the question(s) that follow. SCENARIO 9.8: Investors put up $1,040,000 to construct a building and purchase all equipment for a new gourmet cupcake bakery. The investors expect to earn a minimum return of 10 per cent on their investment. The bakery is open 52 weeks per year and sells 900 cupcakes per week. The fixed costs are spread over the 52 weeks (i.e. prorated weekly). Included in the fixed costs is the 10% return to the investors and $2,000 in other fixed costs. Variable costs include $2,000 in weekly wages, and $600 per week in materials, electricity, etc. The bakery charges $8 on average per cupcake.Refer to Scenario 9.8. Total cost per week is
A. $1,600. B. $2,000. C. $5,000. D. $6,600.
Refer to the information provided in Figure 6.8 below to answer the question(s) that follow.
Figure 6.8Refer to Figure 6.8. The ________ movie rental has a marginal utility of zero.
A. first B. second C. third D. fourth