Compared to those with lower incomes, families with higher incomes are more likely to be headed by a
a. person age 65 years and older.
b. husband and wife team with one but not the other in the labor force.
c. single-parent.
d. college graduate.
D
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Jake just bought a new hockey stick. When he was leaving the shop, he thought that he such a great deal and would have paid $50 more dollars for the stick. Jake received
A) producer surplus. B) equilibrium. C) marginal cost. D) total surplus. E) consumer surplus.
Suppose a market is in equilibrium and then a price floor is established below the equilibrium price. Which of the following will happen?
a. quantity demanded will increase b. a surplus will develop c. a shortage will develop d. the quantity sold will rise e. the market will remain in equilibrium
If two goods are substitutes, then an increase in the price of one will cause:
A. a leftward shift of the demand curve for the other good. B. a rightward shift of the demand curve for the other good. C. a movement up and to the left along the demand curve for the other good. D. a movement down and to the right along the demand curve for the other good.
Pure monopolists:
A. maximize MR. B. are price takers. C. confront demand curves that are perfectly inelastic. D. sell where P > MC.