Changes in land rents in the United States are chiefly the result of
A. changes in the demand for land.
B. increased land fertility.
C. production of new land.
D. changes in the supply of land.
A. changes in the demand for land.
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What are the four types of externality?
What will be an ideal response?
To enhance their prestige, some country clubs like to point to the fact that they have a waiting list for new members
Even at clubs with high initiation fees, it is common that prospective members have to wait three or more years before there is room for them on the membership rolls. How do these country clubs set the price of membership to ensure that they have a waiting list? A) Set the membership price above the market clearing price. B) Set the membership price below the market clearing price. C) Set the price so that the quantity supplied of memberships exceeds the quantity demanded. D) Set the price at a level that will generate a surplus of memberships.
Monopoly pricing reduces consumer surplus.
Answer the following statement true (T) or false (F)
Holding all other forces constant, if decreasing the price of a good leads to a decrease in total revenue, then the demand for the good must be
a. unit elastic. b. inelastic. c. elastic. d. None of the above is correct because a price decrease never leads to an decrease in total revenue.