Sun's Gas Station is a firm operating in a perfectly competitive industry. Sun's Gas Station sells each gallon of gas for $3. What is the value of marginal product from hiring the fourth worker?
A) $2,400
B) $840
C) $120
D) $60
C
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When a firm charges $4.95 instead of $5.00, what do economists call this pricing strategy?
A) indirect pricing B) cost-plus pricing C) odd pricing D) unusual pricing
The above figure shows the market demand curve for telecommunication while driving one's car (time spent on the car phone). At the current price of $0.35 per minute, consumer surplus equals
A) $301.00. B) $924.50. C) $1,225.50. D) $1,250.00.
If the U.S. experiences an enormous surge of immigration, we could predict it would make the labor supply:
A. decrease and shift to the right. B. increase and shift to the right. C. increase and shift to the left. D. decrease and shift to the left.
According to the graph above, which of the following will occur if a legal price ceiling is imposed at price X?
What will be an ideal response?