A football stadium has a fixed number of seats. Given this, how should stadium management determine ticket prices?
a. When MR
d. Both A&C
d
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Refer to the production possibilities frontier in the figure above. Which production point is unattainable?
A) point a B) point b C) point c D) point e
Lee earns more than does Pat. Which of the following can explain why?
A) Pat is discriminated against. B) Lee has more human capital. C) Lee has a greater degree of specialization in earning an income. D) All of the above could be a factor leading to the wage difference.
In the modern Keynesian model, over much of its range the short-run aggregate supply (SRAS) curve is
A) horizontal. B) vertical. C) upward sloping. D) downward sloping.
A competitive car wash currently hires 4 workers, who together can wash 80 cars per day. The market price of car washes is $5 per wash, and the price of workers is $60 per day. The car wash should hire a fifth worker if it would increase total production to at least:
a. 92 cars per day. b. 100 cars per day. c. 104 cars per day. d. 110 cars per day.