Refer to the table below. If the price of hamburger falls from $5 to $3, then the weekly market quantity demanded will:
The table below shows the weekly demand for hamburger in a market where there are just three buyers.
A. Increase from 24 to 52
B. Decrease from 52 to 24
C. Increase from 120 to 156
D. Increase from 29 to 55
Answer: A
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Over time, state and local governments have passed regulations that limit entry into certain markets. For example, in most locations beauty shops and barber shops must obtain a license to do business
The usual justification for such licensing requirements is to better ensure that only qualified people are offering such services. Considering the efficiency implications of having more or less firms serve a particular market, and the fact that consumers can "vote with their feet" (i.e., buy from a different if they aren't satisfied), is such regulation justified from an economic perspective? Why or why not?
An increase in per capita income will generally lead to
a. more material goods, but a decline in the quality of the environment. b. a reduction in life expectancy because working conditions are less desirable. c. an increase in the number of hours worked by residents. d. an increase in the living standards of most people.
Which of the following does purchasing-power parity imply?
a. The purchasing power of the dollar is the same in the U.S. as in foreign countries. b. The price of domestic goods relative to foreign goods cannot change. c. The nominal exchange rate is the ratio of U.S. prices to foreign prices. d. All of the above are correct.
Refer to the figure below.
If a price ceiling were imposed at point G, the consumer surplus would be represented by the area ________.
A. BAEH B. BJEH C. JAE D. GAEF