Restaurants catering to both a lunch and dinner trade are likely to mark their prices up above the cost of the food more for dinner than for lunch because
A) the demand is greater at dinner.
B) the demand is less at dinner.
C) the demand is less elastic at dinner.
D) the demand is more elastic at dinner.
C
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The amount of a tax paid by the buyers will be smaller the
A) more elastic the demand and the more inelastic the supply. B) more inelastic the demand and the more elastic the supply. C) more inelastic are both the supply and demand. D) more elastic are both the supply and demand.
The Cobb-Douglas production function has which of the following properties?
a. output is a linear increasing function of each of the inputs b. it provides a good fit to the traditional S-shaped production function c. the elasticity of production is constant and equal to 1 minus the exponent of the appropriate variable d. all of the above e. none of the above
List appropriate criteria for deciding whether a merger of two firms producing similar products should be permitted
A monopsonist can pick the ____, while a monopolist can pick the ____.
A. price it will charge; wage it will pay B. wage it will pay; price it will charge C. number of competitors; number of buyers D. marginal product of labor; marginal cost of labor