Refer to the graph shown. The equilibrium price for the monopolistically competitive firm represented is:
A. $6.
B. $4.
C. $10.
D. $7.
Answer: B
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After spending $400,000 to build your dream home, you recently discovered that after less than one year the foundation is cracking. Further investigation reveals that the contractor used substandard concrete. Is there a role for the public sector in this situation?
A high-income household usually is headed by ________ , while a low-income household is usually headed by ________
a. a well-educated working couple; a single parent who is not working b. a highly-educated working female; two middle-aged well-educated adult workers c. a young poorly-educated working male; an old and highly educated male d. a poorly-educated working couple; a well-educated working couple
Differences in wage rates associated with differences in working conditions are called:
A. compensating wage differentials. B. compensating income differentials. C. equalizing wage ratios. D. conditional differentials.
Economists recognize that because people have limited resources:
A. government intervention is necessary. B. our future is bleak. C. they have to make trade-offs. D. they will never be happy.