Buying a used textbook from a fellow student is an example of what type of market?
A. Global
B. Local
C. Labor
D. National
Answer: B
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An isocost line depicts:
a. the minimum cost required to produce a certain level of output, given input prices. b. the input combination to produce a certain level of output. c. the input combinations that satisfy a budget constraint, given input prices. d. the maximum output that can be produced by a firm given its budget constraint.
A labor market is divided into two segments. All workers have the same qualifications and find jobs in either segment equally attractive. Initially, both segments are in competitive equilibrium. If the development of employer prejudice then reduces the employment of minorities in one segment, there will be a
a. permanent drop in labor supply to the discriminating segment b. permanent increase in labor supply to the nondiscriminating segment c. temporary drop in labor supply to the discriminating segment d. permanent drop in labor demand to the discriminating segment e. temporary drop in labor demand to the nondiscriminating segment
Use the Application about the price of vanity license plates in Virginia to answer the following question(s).Recall the Application. Because the elasticity of demand for vanity plates is 0.26, then an increase in the price of vanity plates will:
A. decrease total revenues. B. cause no change in the total revenues. C. increase total revenues. D. There is insufficient information to draw a conclusion.
One major characteristic of the price system is that
A) consumers together are the ones who ultimately decide what is produced. B) individual sellers ultimately decide what is produced in the market. C) competition among sellers is reduced. D) all exchanges are regulated by the government.