Which of the following would most likely cause a shift to the right in Graph B?
a. a change from Q1 to P1 in Graph A
b. a change from P2 to P1 in Graph A
c. a change from P1 to P2 in Graph A
d. a change from Q2 to Q1 in Graph A
c. a change from P1 to P2 in Graph A
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The positive externality associated with education is:
A. producers can get higher prices for their goods and services. B. less crowding in the classrooms. C. increases in societal well-being and economic growth. D. technological progress slows as basic research increases.
Economists agree that:
A. incentives are likely to be inconsequential unless prices are involved. B. sometimes incentives facing a decision-maker will not achieve the desired result. C. markets are always the most efficient means of solving society's problems. D. social and moral pressures cannot be modeled.
If a firm has a fixed cost of $200,000, and a variable cost of $130,000 at an output of one, how much is marginal cost at an output of one?
A. $70,000 B. $130,000 C. $200,000 D. $270,000
If the price of a cup of coffee increases by 50 percent, the quantity demanded decreases by 50 percent. The price elasticity of demand is:
A. zero. B. elastic. C. unit elastic. D. inelastic.