A clinic uses doctors and nurses optimally and is servicing the maximum number of patients given a limited annual payroll. The last doctor hired treated 1,600 extra patients in a year, while the last nurse hired treated 1,000 extra patients in a year. If doctors make $40,000 a year, what do nurses make?
A. $15,000 a year
B. $25,000 a year
C. $20,000 a year
D. $10,000 a year
Answer: B
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Public utilities are often referred to as
a. supernatural monopolies. b. oligopolistic monopolies. c. natural monopolies. d. competitive monopolies.
Price elasticity of demand refers to the:
a. percentage increase in price in response to a percentage increase in quantity demanded. b. percentage decrease in price in response to a percentage increase in income. c. minimum amount that consumers will pay for a percentage change in quantity demanded or supplied. d. responsiveness of quantity demanded to a change in the price of a good.
The cross price elasticities among substitute goods will be extremely high when:
a. b and d. b. they are very similar to each other. c. people are consuming them frequently. d. people consume them in equal quantities. e. they are imperfect substitutes.
If Ming is willing to pay $75 to attend the Broadway production of The Lion King but actually pays $40, she receives a consumer surplus of $35
a. True b. False Indicate whether the statement is true or false