Raquel, who earns $900 a week, bought a television set and gained $70 consumers' surplus. What price did she pay for the good?
A) $40
B) $830
C) $160
D) $5
E) There is not enough information to answer the question.
E
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In Figure 8-1, point E represents:
a. recession and a peak. b. peak and a trough. c. recovery and a peak. d. recession and a trough.
Which of the following will not shift the demand for labor to the right?
A. an increase in the wage rate B. an increase in the demand for output C. an increase in the price of a competing input D. an increase in the competitiveness of an industry
According to the diagram in the above figure, what is the marginal benefit of consuming the 3 millionth gallon of gasoline per month?
A) 5 pounds of shrimp per gallon of gasoline B) 3 pounds of shrimp per gallon of gasoline C) 2 pounds of shrimp per gallon of gasoline D) 1 pound of shrimp per gallon of gasoline
If the quantity of concert tickets sold decreases by 10 percent when the price increases by 5 percent, the price elasticity of demand over this range of the demand curve is:
a. price elastic. b. price inelastic. c. perfectly inelastic. d. unitary elastic.