Employers and workers in the protected industry know that the consequences of protection are principally:
a. lower prices for their output, lower profits for owners, and lower wages for workers.
b. higher prices for their output, lower profits for owners, and lower wages for workers.
c. higher prices for their output, lower profits for owners, and higher wages for workers.
d. lower prices for their output, higher profits for owners, and higher wages for workers.
e. higher prices for their output, higher profits for owners, and higher wages for workers.
e
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A movie monopolist sells to students and adults. The demand function for students is QdS = 600 - 100P and the demand function for adults is QdA = 1,200 - 100P. The marginal cost is $2 per ticket. Suppose the movie theater can price discriminate. What is the monopolist's profit from students?
A. $400 B. $2400 C. $2500 D. $0
The demand curve is a graphic representation of:
a. the relationship between price and quantity supplied of a certain good or service. b. the relationship between price and quantity demanded of a certain good or service. c. the relationship between supply and demand for a certain good or service. d. the relationship between productivity and quantity demanded of a certain good or service.
Public investment in crop breeding has tended to emphasize longer term research while investment by the private sector has emphasized:
a. Investment in animal agriculture b. Investment to encourage small scale production c. Investment in cultivar development with short term payoffs d. All of the above
Refer to Figure 26-5. Starting at point A, a change in tax laws that encouraged households to save more would likely cause
a. the quantity of loanable funds traded to increase to $125 and the interest rate fall to 5% (point D). b. the quantity of loanable funds traded to increase to $125 and the interest rate to rise to 7% (point C). c. the quantity of loanable funds traded to decrease to $75 and the interest rate to fall to 5% (point B). d. the quantity of loanable funds traded to decrease to $75 and the interest rate to rise to 7% (point E).