Which of the following examples shows equilibrium price in practice?
a. Nostalgia Gifts, Inc sells 60 percent of their snow globes for $10 each and then sell the rest for $5 each.
b. Nostalgia Gifts, Inc sells all their snow globes for $10 each, but consumers demand more.
c. Nostalgia Gifts, Inc sells 80 percent of their snow globes for $10 each without consumers demanding more.
d. Nostalgia Gifts, Inc sells all their snow globes for $10 each without consumers demanding more.
d. Nostalgia Gifts, Inc sells all their snow globes for $10 each without consumers demanding more.
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Suppose that your public library charges a fixed monthly membership fee of $12. Members are allowed to check out as many books as they want under this plan. The average member checks out 4 books per month
Suppose that your public library changes its policy. Now each book costs $3 to check out but there is no longer a monthly membership fee. What effect do you think the new policy will have on the total number of books checked out from your library each month? The new policy is likely to ______the number of books checked out because ________. A) leave unchanged; members have already shown that they are willing to pay $12 to check out 4 books per month B) leave unchanged; the average cost of the library service is the same under both plans C) reduce; the marginal benefit of checking out books is now lower under the new policy D) reduce; the marginal cost of checking out books is now higher under the new policy E) increase; the average benefit of checking out more than 4 books is now higher under the new policy
The Constitution contains a provision that states that no laws shall be passed "impairing the obligation of contracts." This provision
(a) meant that the English common law was legislated for the new republic. (b) was an innovation by the authors of the Constitution and not found in British law. (c) was only a minor aspect of developing the new idea of government by law and not by men. (d) was a controversial provision and opposed by many delegates.
The relationship between the wage rate and the quantity of labor that employers wish to hire in total is called: a. the market supply curve for labor
b. the market demand curve for labor. c. an individual demand curve for labor. d. an individual supply curve for labor.
For a given compensation potential (isocost curve), an employee with a large family is more likely to pick a wage-benefit mix that emphasizes
A. incentive piece rates. B. risk-averse commission plans. C. wages. D. fringe benefits.