The largest increase in the labor-force participation rate since 1970 is among
A. prime-age women.
B. prime-age men.
C. males in their 20s.
D. teenagers over the age of 16.
Answer: A
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If a positive externality exists, __________ in order for the socially optimal output to be reached.
A. supply needs to decrease B. demand needs to increase C. demand needs to decrease D. a and c E. none of the above
An increase in demand will: a. reduce total revenue
b. increase total revenue. c. increase total revenue only if supply is inelastic. d. increase total revenue only if supply is inelastic.
The water and diamond paradox is explained by the fact that the total utility of water is higher than the total utility of diamonds, but the marginal utility of water is lower than the marginal utility of diamonds. Which of the following goods, when compared, have total and marginal utilities that best reflect the water and diamond paradox, although certainly not as vividly?
a. cake and ice cream b. wine and soft drinks c. jewelry and tattoos d. bread and caviar e. horses and automobiles
TFC=Total Fixed CostQ=Quantity of OutputMC=Marginal CostP=Product PriceTVC=Total Variable Cost Refer to the above information. Total cost is:
A. 
.
B. TFC + TVC.
C. the change in marginal cost.
D. TVC - TFC.