The supply of paintings by Van Gogh is most likely to be
a. of infinite elasticity because supply is limited
b. of high elasticity because supply is limited
c. elastic because the paintings are luxury goods
d. inelastic because supply is limited
e. unit elastic
D
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An argument in favor of price discrimination is that this pricing strategy permits some consumers who otherwise would be excluded from a market to buy a good or service
a. True b. False Indicate whether the statement is true or false
If the natural rate of unemployment equals 6 percent and the actual rate of unemployment equals 5 percent, then cyclical unemployment equals:
A. ?1.2 percent. B. -1 percent. C. 1 percent. D. 11 percent.
Answer the following statements true (T) or false (F)
1) Economic research consistently finds that immigration negatively impacts the average American wage. 2) If all nations prohibited the international migration of labor, we would expect world output to decline. 3) If the demand for labor in a country receiving immigrants is inelastic, the immigration will increase the total wages paid in that country. 4) Business income will decrease in the nation from which workers emigrate.
Refer to the information below. If only 1 unit of this public good is produced, then the marginal benefit is:
Answer the question on the basis of the following information is for public good. Pa and Pb represent the prices that citizens (a) and (b), the only two people in this nation, are willing to pay for additional units of a quantity (Qc) of the public good. Qs represents the quantity of the public good supplied by government at each of the collective prices.
A. $3 and the marginal cost is $9
B. $4 and the marginal cost is $7
C. $6 and the marginal cost is $3
D. $9 and the marginal cost is $3