The original sales price the Rooney family paid for the Pittsburgh Steelers was
A. $2,500.
B. $2.5 billion.
C. $25 million.
D. $2.5 million.
Answer: A
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If the cross-price elasticity of demand for a good is estimated at -3.9, estimate the percentage change in quantity demanded of the good when the price of the related good increases from $30 per unit to $75 per unit
Also, if it is known that the income elasticity of demand for the same good is 2.5, estimate the percentage change in demand if consumer income increases from $100 to $300.
Workers in the United States were granted the legal right to engage in collective bargaining by the
A) National Labor Relations Act. B) Taft-Hartley Act. C) Landrum-Griffin Act. D) Knights of Labor Act.
Average fixed cost: a. declines continuously as output increases
b. is always greater than average variable cost. c. equals the difference between average total cost and average variable cost. d. is characterized by both (a) and (c).
Which of the following could cause the supply curve of labor to shift to the right?
a. an increase in wealth b. a decrease in population c. a decrease in wages d. an increase in employment opportunities e. an increase in the wage rate