Price discrimination for concessions at ball parks is not applied to adults and children because:
A. Children's demand for food is elastic and adults' demand for food is inelastic
B. Adults' demand for food is elastic and children's demand for food is inelastic
C. There can be exchange of the product from children, who buy it at a lower price, to adults
D. There can be exchange of the product from adults, who buy it at a lower price, to children
C. There can be exchange of the product from children, who buy it at a lower price, to adults
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Buyers receive a consumer surplus when the price exceeds the marginal benefit
Indicate whether the statement is true or false
Al works as a sales clerk at a department store for a fixed salary of $2,500 per month
He is offered a job as a salesperson at a car dealership in which there is a 50 percent chance that he will make $5,000 a month and a 50 percent chance that he will make only $1,000 a month. The figure above Al's utility of wealth curve: a) What is Al's expected income from the offered job? b) What is Al's expected utility from the offered job? c) Will Al accept the offer? Why or why not? d) What is the minimum fixed salary for which Al will continue to work for the department store and not accept the dealership's offer?
Which type of unemployment is most likely to help the economy become more efficient?
a. cyclical b. structural c. seasonal d. frictional e. underemployment
Define implicit costs and provide an example that shows why it is important to consider them in a discussion of profit.
What will be an ideal response?