Refer to the figure above. What is the consumer surplus when Lithasia engages in trade and the government imposes a $1 tariff on chairs?
A) $100
B) $120
C) $180
D) $200
C
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If a competitive firm maximizes short-run profits by producing some quantity of output, which of the following must be TRUE at that level of output?
A) p > MC B) MR > MC C) p ? AVC D) All of the above.
What is the name of the case where the court found that the Baltimore Police Department's height requirement which excluded 95 percent of female population but only 32 percent of the male population was discriminatory?
A) Washington v. Davis B) Griggs v. Duke Power Co. C) Miranda v. Arizona D) Vanguard Justice Society v. Hughes
Periods of unusually low production in an economy result in ________ unemployment.
A. frictional B. structural C. cyclical D. environmental
Using the economic way of thinking, complete the following sentence: "One person's profit is
A) a sign of sinful activity." B) the result of uncertainty." C) only a matter of luck and chance." D) another person's loss."