Determining who receives scarce goods by the criterion of willingness to pay tends to enhance the freedom and power of people who want the goods because
A) it enables everyone to obtain at least a little of everything.
B) it facilitates choice by everyone on the basis of their own specific situation.
C) it gives everyone an equal chance.
D) it makes sure the people who obtain scarce goods are the people who most deserve them.
E) it puts genuine need ahead of politics.
B
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Consider the labor market depicted in the above figure. What wage rate must be paid to have the 200th hour of labor supplied?
A) $10 B) $15 C) $20 D) None of the above answers is correct.
If additional units of a good could be produced at a constant opportunity cost, the production
possibilities frontier would be bowed outward (concave). Indicate whether the statement is true or false
All else equal, it is more likely for a case to be settled the ________ the plaintiff's assessment of the expected (received) payment and the ________ the total cost of litigation.
A) smaller; smaller B) larger; smaller C) larger; larger D) smaller; larger
The four-firm concentration ratio is calculated by adding the _____________ of the four largest firms in the industry.
a. profits b. total earnings c. market shares d. costs of wages