If the local airport decides to pay monetary compensation to the people on whom the airport's operation has imposed costs, it should compensate the people who
A) currently live nearby.
B) currently live nearby and are also tenants.
C) currently live nearby and also own the residences in which they live.
D) owned nearby residences when the airport was built.
E) owned nearby residences when the airport was built and who have not been able to sell their residences since the construction of the airport.
D
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When the price of a good rises, consumers buy a smaller quantity because of the ________ effect and the ________ effect
A) substitute; complement B) substitution; income C) normal; inferior D) supply; demand
More bidders increase the selling price at an oral auction because
a. bidders bid more aggressively b. the true value of the winner is higher c. the true values of the losers is higher d. bidders shade their bids by less
Dana, a recent graduate with a degree in economics, turned down a job offer paying $50,000 a year and instead chose to become an entrepreneur. He borrowed $15,000 from a bank at a 10 percent interest rate and that was sufficient to pay for all his equipment, materials, and labor. Dana's accountant told him that the business generated a total revenue of $70,000 in the first year. How much of a
return on his entrepreneurial ability did Dana earn? a. $7,000 b. $20,000 c. $18,500 d. $50,000 e. $70,000
The table below shows the weekly supply for hamburgers in a market where there are just three sellers.PriceSeller 1 Qs 1Seller 2 Qs 2Seller 3 Qs 3$5854464334322221If seller 3 exits the market (goes out of business), then the weekly market quantity of hamburgers supplied at a price of $4 will be
A. 13 B. 10 C. 6 D. 9