Over the past few decades, the US economy has switched from a primarily manufacturing economy to a service economy. Many individuals working in manufacturing position lost their jobs, and many new jobs open up in service. For those who lost jobs in manufacturing this is an example of:
What will be an ideal response?
Structural Unemployment
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If rising costs have compelled an increase in the price of football tickets for next season, you could safely assume the college athletic director
A) doesn't know the difference between sunk costs and marginal costs. B) doesn't want fans to become angry or resentful about the price increase. C) isn't setting prices to maximize net revenue. D) really has not raised prices. E) would prefer not to raise prices but has no choice in the matter.
For a firm in a perfectly competitive labor market
A) W > MFC. B) W < MFC. C) W > MRP. D) W = MFC.
Given the scenario described, if the market price of hammers increased from $8 to $12, producer surplus would:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. A. increase from $8 to $12. B. increase by $4 for each producer. C. increase by $4 for House Depot. D. increase by $7 in total.
If the price elasticity of demand for a good is 0.2, then a 3 percent decrease in price results in a
a. 0.6 percent increase in the quantity demanded. b. 1.5 percent increase in the quantity demanded. c. 2 percent increase in the quantity demanded. d. 6 percent increase in the quantity demanded.