The position of the supply curve in the market for garbage removal
a. is irrelevant since the cost is fixed.
b. depends on the marginal cost of garbage removal.
c. depends on the demand for garbage removal services.
d. is unaffected by taxes levied per household amount of garbage.
b
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Consider a closed economy without the government. If the GDP of the economy is $25,000 and the savings rate in the economy is 25%, the aggregate savings in the economy is:
A) $8,000. B) $8,650. C) $6,250. D) $3,320.
Refer to the figure above. What is the change in total revenue due to a price reduction from $6 to $4?
A) The total revenue increases by $300. B) The total revenue decreases by $600. C) The total revenue increases by $200. D) The total revenue increases by $600.
There is a deadweight loss if a natural monopoly is regulated to use
A) marginal cost pricing and if it is regulated to use average cost pricing. B) average cost pricing and if it is allowed to be unregulated and maximize its profit. C) marginal cost pricing and if it is allowed to be unregulated and maximize its profit. D) None of the above answers is correct.
The quantity of GDP produced per worker, typically measured in quantity of GDP per hour of labor, is known as
a. labor productivity b. capital productivity c. the degree of labor specialization d. the marginal productivity of labor e. the size of the labor force