Which of the following is likely to shift the demand curve for carpenters rightward, assuming all else equal?
A) A fall in the wage rate of carpenters B) A fall in the price of wood
C) A rise in the wage rate of carpenters D) A rise in the price of wood
B
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As long as the marginal utility per dollar from pizza is greater than the marginal utility per dollar from soda, then to maximize utility a consumer will buy
A) more soda to equalize the marginal utility per dollar between soda and pizza. B) less pizza and less soda. C) more pizza and less soda. D) equal amounts of pizza and soda.
A firm producing a smoke externality is producing
a. more than the socially optimal quantity of output. b. less than the socially optimal quantity of output. c. exactly the socially optimal quantity of output. d. There is insufficient information to answer.
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, the amount of deadweight loss created by the imposition of a tariff is area:
A. JK B. IJKL C. IL D. FGJK
Describe the economic effects of the U.S. price supports and import quotas for sugar
What will be an ideal response?