A movement from point J to point M would represent
A. an increase in consumer goods, but not capital goods.
B. an increase in capital goods, but not consumer goods.
C. an increase in both capital goods and consumer goods.
D. no increase in either capital goods or consumer goods.
B. an increase in capital goods, but not consumer goods.
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If price changes by one firm induce rival firms selling close substitutes to alter their prices,
A) firms will be able to raise their prices without fear of losing sales. B) the demand curve will shift in response to a change in price. C) the original firm faces an elastic demand curve. D) the original firm faces an inelastic demand curve. E) there is no competition between the rival firms.
Which of the following is an example of a government action to internalize a cost externality?
A) a fine imposed on a company that pollutes a stream B) the closing of a public library C) a sales tax on jewelry D) the increase on bridge tolls
Refer to Scenario 14.4. How much will the monopsonist pay each worker?
A) 0 B) 78 C) 83 D) 92 E) 100
Continuing with the same family from the preceding question, what is the greatest (integer) number of vacation days the family would be willing to give up in order to guarantee a healthy vacation?
a. 3 b. 4 c. 5 d. 6