Price floors in agriculture lead to
A. the most efficient market solution.
B. more competition in farming.
C. surpluses of supported farm products.
D. efficient farming techniques being employed.
Answer: C
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Marginal utility is a measure
a. of total utility derived from consuming a given amount of a good b. of the total utility gained from consuming an extra unit of a good c. computed by dividing total utility by the amount of a good consumed d. determined by production conditions in a market e. of the cost associated with consuming one more unit of a good
If the price of a typical good rises, the quantity supplied for that good will
A. decrease. B. automatically increase to infinity. C. increase. D. remain the same.
Which of the following is least likely to affect the supply of labor in any particular industry?
A. The size of the available working population B. The nonmonetary attractiveness of the job C. The amount of ability and training necessary to enter the job D. The wages offered in the industry
As incomes rise, the income elasticity of demand for food
a. falls below one b. becomes equal to one c. rises above one d. remains stable e. cannot be calculated