The graph shown demonstrates a tax on sellers. What is the amount of tax revenue being generated from the tax?
A. $150
B. $80
C. $310
D. $135
A. $150
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The study of economics
A. is a very narrow endeavor. B. is a way of analyzing decision-making processes caused by scarcity. C. focuses on how a business should function. D. is concerned with proving that capitalism is better than socialism.
What is the effect on the equilibrium price and equilibrium quantity of theater tickets if the price of an orchestra ticket increases and the wage rate paid to actorsactors increases?? The equilibrium price of a theater ticket ______ and the equilibrium quantity? ______.
A. always falls ; increases B. always falls; decreases C. rises; increases, decreases, or remains the same D. does not change; does not change E. rises, falls, or remains the same; increases
Which of the following is a component of the incomes approach to GDP?
A) consumption expenditure B) wages and salaries C) investment D) government expenditure on goods and services
In the above figure, after the second worker is hired, the marginal product of labor is
A) increasing. B) diminishing. C) constant. D) zero.