Refer to the following figure. When price is $5 and quantity demanded is 3,000, what is the point elasticity of demand?
A. -1
B. -3
C. -1/3
D. -2/3
E. -5
Answer: C
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A local bar provides free pretzels and peanuts. Once a week it even provides chicken wings for only ten cents each. It is
A) selling drinks below cost. B) selling pretzels, peanuts and wings below cost. C) unfairly competing against other local bars who are unable to do the same. D) almost certainly doing none of the above.
Producer surplus is the difference between the highest price a firm is willing to accept for a product and the price it actually receives for the product
Indicate whether the statement is true or false
Do food stamps affect the slope of the budget constraint of their recipients or rather shift the budget constraint? Explain
What will be an ideal response?
What is the total amount that the government should spend on the construction project to attain maximum net benefits for the society?
A. $8 million B. $14 million C. $19 million D. $37 million