Big Alice Ice Cream Parlor reduced its price of an ice cream cone from $1 to 90 cents. Sales consequently increased from 1,000 cones per week to 1,050 cones per week. The approximate price elasticity is
A. 0.20.
B. 0.46.
C. 2.16.
D. 5.00.
Answer: B
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This agency is responsible for investigating complaints of discrimination based on race, religion, sex or age in hiring, promotion, firing, wages, testing, and all other conditions of employment
A) Environmental Protection Agency B) Food and Drug Administration C) Equal Employment Opportunity Commission D) Federal Trade Commission
Which of the following situations depicts diseconomies of scale?
A) The average total cost of a firm increases from $50 to $55 when it increases its production from 10 units to 20 units. B) The average total cost of a firm decreases from $50 to $40 when it increases its production from 10 units to 20 units. C) The average total cost of a firm remains at $50 when it increases its production from 10 units to 20 units. D) The average total cost of a firm remains at $50 when it decreases its production from 20 units to 10 units.
Refer to Figure 9-1. Suppose the government allows imports of leather footwear into the United States. What will the market price be?
A) $10 B) $18 C) $24 D) >$24
In the above figure, if the real wage is $10 per hour, a labor
A) shortage will occur and the real wage will rise. B) shortage will occur and the real wage will fall. C) surplus will occur and the real wage will rise. D) surplus will occur and the real wage will fall.