A landlord named Jack chooses not to rent to a family because their income is below $30,000 per year. Considering this, Jack most likely ______.
a. will raise the rent to attract high income families.
b. dislikes renting to large families
c. has a well-maintained apartment building
d. owns rent-controlled apartments
d. owns rent-controlled apartments
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The slope of an indifference curve is called the
A. bliss gradient. B. happiness slope. C. average transformation rate. D. marginal rate of substitution.
At the level of output where marginal revenue equals marginal cost, price is less than average total cost but greater than average variable cost. In this instance, a profit-maximizing firm should: a. cease production as it is incurring an economic loss
b. continue operating at that output level in the short term, since total revenue will cover all of the firm's variable costs and some of its fixed costs. c. continue operating at that output level in the short term, since total revenue will cover all of the firm's fixed costs and a portion of its variable costs. d. decrease output to where marginal revenue exceeds marginal cost by the greatest dollar amount.
According to the shortsightedness effect, politicians tend to favor projects with:
A. short-run benefits and short-run costs. B. short-run benefits and long-run costs. C. long-run benefits and short-run costs. D. long-run benefits and long-run costs.
The total social cost of production is equal to
A) external cost minus internal cost. B) internal cost minus external cost. C) external cost plus internal cost. D) internal cost plus opportunity cost.