A baker can produce two products: cupcakes and pies. The table below is the baker's production possibilities schedule:Production Possibilities ScheduleProductABCDEFCupcakes01220365681Pies1086420Which of the following output-combinations is unattainable?
A. 2 pies and 48 cupcakes.
B. 3 pies and 56 cupcakes
C. 6 pies and 10 cupcakes
D. 9 pies and 10 cupcakes
Answer: B
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Always There Wireless is wireless monopolist in a rural area. There are 200 customers, each of whom has a monthly demand curve for wireless minutes of Qd = 200 - 100P, where P is the per-minute price in dollars and Q is the number of wireless minutes. The marginal cost of providing the wireless service is $0.25 per minute. If Always There charges $0.25 per minute and the largest fixed fee that it can, what is Always There's total profit?
A. $30,625 B. $39,375 C. $40,000 D. $35,000
Efficiency wages are ________
A) market clearing wages B) wages that are above the market-clearing level C) equal to the real wage rate minus the nominal wage rate D) equal to the nominal wage rate divided by some measure of the general price level
Regardless of whether a tax is levied on sellers or buyers, taxes discourage market activity
a. True b. False Indicate whether the statement is true or false
Figure 5-3
illustrates the market for a product that generates an external benefit. D1 is the private market demand curve, while D2 is the demand curve including the external benefit. Which of the following is true?
a.
Relative to economic efficiency, output of the good will be too large and the price too low.
b.
Relative to economic efficiency, output of the good will be too large and the price too high.
c.
Relative to economic efficiency, output of the good will be too small and the price too low.
d.
Relative to economic efficiency, output of the good will be too small and the price too high.