Which of the following would be most likely to receive high economic rent payments?
A. engineer
B. professional baseball player
C. school teacher
D. factory worker
Answer: B
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A market consequence of a price floor is that the price consumers pay with the floor when compared to the price they paid without the floor,
a. falls so that there is an excess supply b. falls so that there is an excess demand c. increases so that there is an excess supply d. increases so that there is an excess demand e. falls so that the new equilibrium price is lower than the old
If demand increases, the equilibrium price and equilibrium quantity will both fall, everything else being equal
a. True b. False Indicate whether the statement is true or false
It is ______ to make utility comparisons between two different people.
a. rational b. complicated c. ethical d. impossible
Refer to the normal-form game of advertising shown below.Firm AFirm B??AdvertiseDo Not Advertise?Advertise$0,$0$175,$10?Do Not Advertise$10,$175$125,$125Suppose there is a 20 percent chance that the advertising game depicted in Figure 10-17 will end next period. What is the present value to firm B of cheating on the collusive strategy {do not advertise, do not advertise}?
A. $125 B. $10 C. $0 D. $175