Disney World decides to charge local residents a lower price than other park visitors. This would fall under which field of economics?
A. Macroeconomics
B. Public policy
C. Customer service
D. Microeconomics
D. Microeconomics
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Refer to the figure above. When the supply curve of flash drives is S1 and the demand curve for flash drives is D, what is the shortage in the market when the price is $5?
A) 50 units B) 40 units C) 10 units D) 0 units
Which of the following have to be in equilibrium for the economy to be in equilibrium?
A) the money market only B) the goods market only C) the output and asset markets D) the savings and investment markets E) the goods and output markets
The most common way for workers to hold market power is when:
A. a monopsony exists. B. they are unionized. C. they compete for minimum wage. D. there are a lot of them.
Which statement is true?
A. A vertical demand curve has zero elasticity. B. A horizontal demand curve has zero elasticity. C. Both vertical and horizontal demand curves have zero elasticity. D. Neither vertical nor horizontal demand curves have zero elasticity.