The housing market of the early to mid-2000s did not feature:
a. "teaser rates" on home mortgages.
b. a dramatic rise in housing prices.
c. widespread calls to end "predatory" lending practices.
d. "subprime" mortgages.
c. widespread calls to end "predatory" lending practices.
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If a monopolistically competitive firm lowers its price and, as a result, its total revenue decreases then
A) the output effect of the price change was less than the price effect. B) the output effect of the price change was greater than the price effect. C) the substitution effect of the price change was greater than the income effect. D) the firm's demand curve must have decreased.
Why is it better to protect an infant industry with monopoly power with a tariff than a quota?
a. A tariff causes domestic production to increase, whereas a quota causes production to decrease. b. A tariff causes domestic production to decrease, whereas a quota causes domestic production to increase. c. A tariff will raise the domestic price above the world price, whereas a quota will not. d. A quota will raise the domestic price above the world price, whereas a tariff will not.
Many economists estimate that for every 10% increase in relative minimum wage rates, there is a corresponding decrease in employment of those affected equal to
A) 5-10%. B) 1-2%. C) 10-20%. D) 30-40%.
Refer to the information provided in Table 8.7 below to answer the following question(s).
Table 8.7 
Refer to Table 8.7. Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $15. To maximize profits, Exotic Fruit should sell ________ fruit baskets and their profit is ________.
A. zero; $0 B. two; -$35 C. three; -$26 D. five; -$21