If we go from point R on demand curve D1 to point S on demand curve D2, then we may conclude that there was
A. an increase in quantity demanded.
B. a decrease in quantity demanded.
C. an increase in demand.
D. a decrease in demand.
C. an increase in demand.
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If Ed is willing to pay a maximum of $200 for a tweed sport coat but buys one for $180, that $20 saved is
a. his reservation price b. the store's producer surplus c. his total expenditure d. his marginal utility e. his consumer surplus
M2 money includes all but which one of the following?
a. Checkable deposits. b. Savings accounts. c. Large repurchase agreements. d. Money market mutual accounts. e. Small time deposits.
In 2012, the U.S. minimum wage according to federal law was
a. $4.25 per hour. b. $5.15 per hour. c. $5.75 per hour. d. $7.25 per hour.
Damian owns a tattoo parlor and has hired three tattoo artists to work for him. The marginal product of labor is 8 for the first artist, 12 for the second artist, and 7 for the third artist. What is Damian's average product of labor for these three
tattoo artists? What will be an ideal response?