Laws requiring the sorting and recycling of trash are an example of
A. Higher user fees.
B. Emission charges.
C. Process regulation.
D. Pollution fines.
Answer: C
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If a price hike of 5 percent increases the quantity demanded of another good by 2 percent, the goods must be ________ and the cross elasticity of demand equals ________
A) substitutes; 0.40 B) substitutes; 2.5 C) complements; 0.40 D) complements; 2.5
Sonny's Surfer Shop produces and sells custom surf boards. Assume that labor is the only input that varies for the firm. The firm's owner has determined that if she hires 10 workers, the firm can produce 10 surf boards per day. If she hires 11 workers, the firm can produce 12 surfboards per day. The firm sells each surfboard for $2,000 . and it pays each of its workers $200 per day. Which of the
following is correct? a. For the 11th worker, the value of the marginal product of labor is $400. b. For the 11th worker, the value of the marginal product of labor is $4,000. c. The firm should not hire the 11th worker since hiring this worker reduces profit. d. In order to justify hiring the 11th worker the firm will need to raise the price of a surfboard.
If the price of a DVD falls from $20 to $12 and the quantity of DVDs supplied decreases from 118,000 per hour to 100,000 per hour, using the midpoint formula the elasticity of supply equals
A) 0.33. B) 2.94. C) 3.08. D) 0.23. E) -3.08.
Consider a market that is initially in equilibrium. If we observe that price increased and quantity decreased, then which of the following could have occurred?
a. demand increased b. supply increased c. supply decreased d. demand decreased e. both demand and supply increased