Given the same price elasticity of supply, sellers would be able to pass along the largest portion of a 10 percent tax on which item?
A. D.Fish with a price elasticity of demand of 0.12
B. Pork with a price elasticity of demand of 0.73
C. Beef with a price elasticity of demand of 0.62
D. Chicken with a price elasticity of demand of 0.32
Answer: A
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If a society produces at a point on the production possibilities frontier, this is consistent with the full employment of resources.
Answer the following statement true (T) or false (F)
In the United States, globalization has caused the demand for unskilled labor to ________ and the demand for skilled labor to ________
A) decrease; increase B) decrease; decrease C) increase; increase D) increase; decrease
Assume Cathy's Cupcake Company operates in a perfectly competitive market producing 10,000 cupcakes per day. At this output level, marginal cost exceeds this firm?s price. Assuming price exceeds average variable cost, to maximize profits Cathy's should
A. decrease their output. B. stop producing since it is earning a loss. C. increase their output. D. make no adjustments as they are already maximizing their profits.
The labor market for teachers in a small, isolated community that has one school district would be best described as a(n):
A. Natural monopoly B. Bilateral monopoly C. Monopsony D. Oligopsony