Consider the above figure. At income level Yd = $110, the APS is equal to
A) -0.36. B) 0.32 C) 0.64. D) 1.10.
B
You might also like to view...
Which of the following is a characteristic of a market where a price floor is in place?
A. The market quantity demanded exceeds the market quantity supplied. B. Fewer regulations are needed since the government sets the price. C. Fewer units are purchased than would be the case without the price floor. D. A smaller number of sellers than in markets without price floors.
In the 1980s, one of the most common sights in the socialist countries, such as the former Soviet Union and North Korea, were long lines for bread, sugar, and other necessities. These countries had price ceilings on these necessities
Some of the socialist nations, such as the former Soviet Union, have moved to a market economy by lifting the price ceilings, while others, such as North Korea, have retained their price ceilings. What prediction do you make about the presence (or absence) of long lines today in the former Soviet Union and North Korea? Explain your answer.
The figure shows the demand for and costs of producing Charlene's Chocolates. If Charlene's Chocolates is a monopoly and charges one price to all customers, then the consumer surplus is ________
A) $400 B) $900 C) $0 D) $200
Unions have generally been far more successful in organizing and raising wages in skilled trades such as carpentry than in unskilled trades. Use the laws of derived demand to explain why
What will be an ideal response?