Advocates of the public-choice view argue that voting behavior is influenced by the
a. rate of inflation prior to an election.
b. level of economic activity.
c. "favorite son" syndrome.
d. campaign issues.
B
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Compared to setting a single price, if a firm can price discriminate it
A) makes a larger economic profit. B) makes a lower economic profit. C) makes zero economic profit. D) has no change in its economic profit from when it set a single price. E) might increase, decrease, or not change its economic profit depending on whether as a single-price monopoly its marginal revenue curve was above, below, or the same as its demand curve.
Along the classical or vertical range of the aggregate supply curve, an increase in the aggregate demand curve will increase:
a. both the price level and real GDP. b. only real GDP. c. only the price level. d. real GDP and reduce the price level.
Which of the following is characteristic of a firm that is a competitive price searcher?
a. The firm faces an upward-sloping demand curve. b. The firm faces an inelastic demand curve. c. The firm faces a horizontal demand curve. d. The firm produces a differentiated product.
Suppose that the labor market for high school chemistry teachers is initially in equilibrium. Chemistry teachers use laboratory chemicals as an important part of their jobs. New environmental regulations ban the use of many chemicals, which means that fewer laboratory chemicals are available for high school chemistry teachers to use in their jobs. In the market for high school chemistry teachers,
the equilibrium wage a. increases because the marginal productivity of high school chemistry teachers increases. b. decreases because the marginal productivity of high school chemistry teachers decreases. c. increases because the supply of high school chemistry teachers increases. d. decreases because the supply of high school chemistry teachers decreases.