The WaveHouse on Mission Beach in San Diego features the Bruticus Maximus, a ten foot wave, which tests the skills of even the most talented surf and wake board riders on the planet
WaveHouse is the only place in San Diego where this service is offered. You can ride B. Max for $40 for the first hour, $33 for the second hour, and $26 for the third hour. Why would WaveHouse charge different prices for each subsequent hour of riding? A) to capture consumer surplus among groups of buyers
B) to capture consumer surplus among units of a good
C) to create customer loyalty
D) to encourage skill development
B
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As output increases, total cost ________, total fixed cost ________, and total variable cost ________
A) increases; increases; increases B) increases; increases; does not change C) increases; does not change; increases D) does not change; increases; increases
That some talented people may not enter an occupation because they have heard that people with their personal characteristics do not get hired in that occupation is known as
A) economic discrimination. B) a negative feedback loop. C) a compensating difference. D) worker discrimination.
What is the most likely effect of the development of DVDs, rental movies, and online movie streaming on the movie theater industry?
A. increased demand for movie theater tickets B. increased price elasticity of demand for movie theater tickets C. decreased costs of producing movies D. movie theater tickets become an inferior good
The analysis of Friedman and Phelps can be summarized in the following equation where a is a positive number:
a. Unemployment Rate = Natural Rate of Unemployment - a(Actual Inflation - Expected Inflation). b. Unemployment Rate = Natural Rate of Unemployment - a(Expected Inflation - Actual Inflation). c. Unemployment Rate = Expected Rate of Inflation - a(Actual Inflation - Expected Inflation). d. Unemployment Rate = Actual Rate of Inflation - a(Actual Unemployment - Expected Unemployment).