Most individual's income peaks when they are about
A) 25.
B) 40.
C) 50.
D) 65.
Answer: C
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Which of the following statements correctly describes a total product curve?
A) Points above the total produce curve are efficient. B) The curve shows that output always increases as labor employed increases. C) The curve separates attainable outputs from unattainable outputs. D) The curve shows minimum levels of output. E) The curve first falls, reaches a minimum, and then rises.
In the economic way of thinking, what do entrepreneur's and bureaucrats have in common?
A) They each advance projects solely in the public interest. B) They each advance projects only if the expected marginal benefits exceed the expected marginal costs. C) They each advance projects only if the expected marginal benefits are less than the expected marginal costs. D) They each advance projects only if they impose no negative externalities.
A severe drought has damaged this year's lettuce crop. The initial effect on the lettuce market is a
A) decrease in the demand for lettuce. B) decrease in the supply of lettuce. C) decrease in both the demand and supply of lettuce. D) rightward movement along the demand curve for lettuce.
For direct price discrimination to work effectively
a. The low-valued customers should not be able to engage in arbitrage b. You need to charge the same price to the different groups c. Both groups should have the same elasticity of demand d. None of the above