Table 7.2 contains price, demand, and cost data for the Capri Theater, the only first-run movie theater in a small town. What is its revenue from students under the single price policy?
A. $150
B. $180
C. $450
D. $540
Answer: B
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Indicate whether the statement is true or false
In a market where the price is restricted by price floors or price ceilings,
a. all sellers will be able to sell everything they produce. b. surpluses and shortages will exist. c. all buyers will get what they want. d. disequilibrium will automatically correct itself. e. surpluses and shortages will put pressure on the price to move to its equilibrium.
With allocative efficiency:
a. There is production of that particular mix of goods and services most wanted by society b. There is production of any particular mix of goods and services in the least costly way c. The available supplies of factors of production are fixed in both quantity and quality d. The state of technology, or methods used to produce output, do not change
Generally speaking, the government implements fiscal policy in a:
A. fast but inaccurate manner. B. slow but accurate manner. C. slow and inaccurate manner. D. fast and accurate manner.