The accompanying figure shows the demand curve for a product that can be sold only in whole-number amounts.
At a price of $25 per unit, what would be the total consumer surplus in this market each day?
A. $15
B. $5
C. $30
D. $0
Answer: C
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The four factors of production (or types of resources) are
a. land, labor, capital, and entrepreneurial ability. b. labor, capital, technology, and entrepreneurial ability. c. labor, capital, entrepreneurial ability, and money. d. land, labor, capital, and money.
The relationship between the number of hours a student studies for an exam and the exam grade is most likely graphed as
A) a line sloping down from upper right to lower left. B) a line sloping down from upper left to lower right. C) a line sloping up from lower left to upper right. D) a line sloping up from lower right to upper left.
Autocorrelation of the error terms
A) makes it impossible to calculate homoskedasticity only standard errors. B) causes OLS to be no longer consistent. C) causes the usual OLS standard errors to be inconsistent. D) results in OLS being biased.
Economists have found that union workers earn about 30 to 40 percent more than similar workers who do not belong to unions
a. True b. False Indicate whether the statement is true or false