Suppose you are viewing a graph of the total revenue generated from the sale of bananas. On the horizontal axis, the numbers indicate the quantity of bananas. On the vertical axis the numbers indicate total revenue. The slope of the line represents
a. b and e
b. marginal revenue
c. average variable costs
d. total revenue
e. price
A
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An increase in the minimum wage will have a large effect on the number of workers employed in minimum wage occupations if:
A. demand for workers is elastic. B. demand for workers is inelastic. C. supply of workers is elastic. D. supply of workers is inelastic.
If a monopsony finds that its MRP is greater than its MFC, it:
a. is doing the right thing to maximize profits. b. should hire fewer workers to increase profits. c. should hire more workers to increase profits. d. should pay the workers a lower wage. e. should produce less output.
A pollution tax:
A. decreases the price of the good taxed. B. increases the price of the good taxed. C. does not affect the quantity demanded of the good taxed. D. does not affect the price of the good taxed.
A change in the demand for automobiles may be caused by a _______________.
A. change in the price of gasoline B. change in income C. change in tastes and preferences D. All of these choices