A sellout that is profit maximizing, results from the promoter
A. setting a price that is the highest price possible that sells out the facility.
B. charging too little for the ticket.
C. charging too much for the ticket.
D. setting a price that is the lowest price possible that sells out the facility.
Answer: A
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If clerical workers in your state voted to have a union represent them in negotiations with employers, they would have monopoly power in wage determination
Employers would be in no position to exert monopsony power in their employment of clerks in this market due to the large number of employers in the market. Labor supply is given by LS = 50W - 100 (or, equivalently W = LS/50 + 2 ) Labor demand is given by LD = 700 - 25W (or, equivalently W = -LD/25 + 28 ) a. What is the equation for marginal revenue? b. Using the supply and demand equations, compute the wage rate and number of workers that would be hired when there is no union representation. c. Using the supply and demand equations, compute the wage rate and number of workers hired when the union represents workers and acts to maximize aggregate wages to all workers hired. d. Explain the impact of (c) on the competitive market.
Which of the following is a nonmarket good?
A) the corn you grow in your home garden and consume B) the clothes you sew and sell to a neighbor who pays you by writing you a check C) the self-portrait hanging in your den D) a and c E) a, b, and c
As the price level falls
a. people will want to buy more bonds, so the interest rate rises. b. people will want to buy fewer bonds, so the interest rate falls. c. people will want to buy more bonds, so the interest rate falls. d. people will want to buy fewer bonds, so the interest rate rises.
The law of downward sloping demand states which of the following?
A. Food spending changes in the opposite direction as income changes. B. When demand rises, supply falls. C. Quantity response to price is elastic. D. A larger quantity is demanded at a lower price than at a higher price, all other things held constant.