Refer to Table 4-13. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. The equilibrium price and quantity for Aunt Maud's lotion are $20 and 30 thousand units
What is the value of economic surplus in this market?
A) $600 thousand B) $1,050 thousand C) $1,500 thousand D) $2,100 thousand
A
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If a price ceiling is set below the equilibrium price in a market
A. surpluses of the commodity will develop. B. rationing will be unnecessary. C. the quantity supplied will exceed the quantity demanded. D. the quantity demanded will exceed the quantity supplied.
The MPC + MPS must always equal
A. The APC. B. 0. C. 1. D. The slope of the consumption function.
Refer to the below graphs. (Assume that the pre-migration labor force in Country A is 0d and that it is 0u in country B.) What part of domestic output in country A is the total wage bill or total wage income before and after the immigration?
A. Area 0fad and area 0gce, respectively
B. Area 0fad and area bced, respectively
C. Area 0gbd and area bced, respectively
D. Area 0gbd and area 0gce, respectively
Which of the following is NOT a requirement for a firm to be able to price discriminate?
A) monopoly power B) groups of customers with different willingness to pay for the good C) economies of scale D) ability to keep the members of different customer groups separate E) ability to prevent resales of the product by customers