Charles Murray would
A. provide government jobs for everyone who is ready, willing, and able to work.
B. scrap the entire federal welfare and income-support structure for working-aged persons.
C. introduce the negative income tax.
D. do none of these things.
B. scrap the entire federal welfare and income-support structure for working-aged persons.
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How do economies of scale contribute to the development of an oligopoly?
A) Economies of scale make it legally difficult for new firms to enter. B) Economies of scale make small-scale producers inefficient. C) Economies of scale are based on control of a key resource, without which other firms cannot enter an industry. D) Economies of scale are guaranteed when a patent is granted.
An airline's flight is about to take off. It has a few empty seats left aboard. If it lowers its prices, it can fill the remaining seats and fly at full capacity. What should be done?
a. Sell the additional standby seats at a discount since the marginal costs of the additional passenger are almost zero and fly at full capacity b. Sell the additional standby seats without a discount c. Don't offer the additional seats for any price d. none of the above
The determinants of price elasticity of demand include:
A. availability of substitutes, cost relative to benefit, and scope of market. B. degree of necessity, cost relative to income, scope of market, and adjustment time. C. availability of complements, cost relative to income, and scope of market. D. cost relative to income, scope of demand, and adjustment time.
London drivers who choose to drive in "congestion zones" pay a tax designed to reduce traffic congestion
a. True b. False Indicate whether the statement is true or false