Which of the following is a method used by unions to increase the demand for their members' labor?
A) Support import restrictions.
B) Decrease the marginal product of union members.
C) Oppose immigration restrictions.
D) Oppose minimum wage laws.
A
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A system of universal medical insurance would tend to ________ the ________ for medical services
A) increase; elasticity of demand B) decrease; elasticity of demand C) decrease; quantity demanded D) decrease; non-monetary payments
The more substitutes available for a product, the
A) larger is its price elasticity of demand. B) smaller is its income elasticity of demand. C) smaller is its price elasticity of demand. D) larger is its income elasticity of demand.
Sasha derives utility from consuming apples and tacos as shown in the table above. Apples cost $1 each and tacos cost $2 each. If Sasha's income is $8, he will consume
A) 4 apples and 2 tacos. B) 2 apples and 3 tacos. C) 0 apples and 4 tacos. D) 3 apples and 3 tacos.
Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. What is total output in the Nash equilibrium?
A. 4,000 B. 2,666.66 C. 1,600 D. 8,000