The price of a ride on the Washington, D.C. metro depends on the time of day you ride. This is an example of
A. exploitation.
B. inefficiency.
C. political interference with a market.
D. pricing to spread out demand.
Answer: D
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Suppose the total benefit of watching 1 baseball game is 100, the total benefit of watching 2 games is 120, and the total benefit of watching 3 games is 125. In this case, the marginal benefit of watching the 3rd game is:
A. 125 B. 375 C. 5 D. 41.67
The above figure shows the U.S. market for wheat. When there is no international trade, consumer surplus is equal to ________
A) area A + area B + area C B) area A C) area E + area F D) area B + area C + area D E) area A + area B + area C + area D
When a binding price floor is imposed on a market to benefit sellers, a. no sellers actually benefit
b. some sellers benefit, but no sellers are harmed. c. some sellers benefit, and some sellers are harmed. d. all sellers benefit.
A 10 percent decrease in the price of potato chips leads to a 30 percent increase in the quantity of soda demanded. What does this indicate?
a. Elasticity of demand for potato chips is 3. b. Cross-price elasticity of demand for soda is -3. c. Elasticity of demand for potato chips is 3. d. Elasticity of demand for soda 3.