The demand for labor curve is identical to the:
A. marginal revenue curve.
B. marginal resource curve.
C. total revenue curve.
D. marginal revenue product curve.
Answer: D
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If producers strongly object to banning advertising, it probably means that:
A. they use it simply to inform customers. B. they see the ban as decreasing competition. C. they believe the ban will benefit them. D. they believe advertising persuades customers that products are more different than they really are. .
Suppose Erie Textiles can dispose of its waste "for free" by dumping it into a nearby river. While the firm benefits from dumping waste into the river, the waste reduces fish and bird reproduction. This causes damage to local fishermen and bird watchers. At a cost, Erie Textiles can filter out the toxins, in which case local fishermen and bird watchers will not suffer any damage. The relevant gains and losses (in thousands of dollars) for the three parties are listed below. WithFilterWithoutFilterGains to Erie$200$400Fisherman$180$50Bird Watchers$130$25When Erie Textiles operates with a filter, the total gain (in thousands of dollars) by all three parties is ________.
A. $600 B. $475 C. $510 D. $985
If the price of a good rises by 10% and the percentage increase in the total amount consumers spend on the good is 15%, then the good is
A. perfectly inelastic. B. unit elastic. C. inelastic. D. elastic.
Economics is best defined as the study of
A. inflation, unemployment, and economic growth. B. how consumers make purchasing decisions. C. choices made by people faced with scarcity. D. financial decision making.