The majority of dollars spent by government prior to the Great Depression was spending at the ________. In the post World War II period, two-thirds to three quarters of all dollars spent by government in the United States are spent at the ________
A) federal level; state and local levels B) local level; state level
C) state and local levels; federal level D) state and local levels; state level
C
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Suppose Island Bikes, a profit-maximizing firm, is the only bike rental company in a small resort town. The marginal cost to Island Bikes of renting out a bike is $3, and Island Bikes has no fixed costs. Each day Island Bikes has six potential customers, whose reservations prices are listed below.CustomerReservation Price($/Rental)A22B16C12D8E6F4 Suppose Island Bikes knows that customers whose reservation prices are at least $10 always rent bikes before noon, while those whose reservation prices are below $10 never do so. If Island bikes can charge a different price in the morning and in the afternoon, then in the afternoon, it will rent out ________ bike(s) and charge ________ per bike.
A. 5; $10 B. 1; $8 C. 3; $4 D. 2; $6
The labor force divided by the working age population equals the:
A. participation rate. B. unemployment rate. C. population rate. D. employment rate.
Without price discrimination, a firm
A) faces a tradeoff when pricing a good that has customers with different willingness to pay. B) cannot maximize profit. C) has no market power. D) does not get any producer surplus, with all of the surplus going to consumers.
In peak-load pricing, once capacity is reached, the firm's short-run marginal cost curve becomes ________.
A) downward sloping B) vertical C) negative D) horizontal