If the price of chili increases, there will be ________ of chili cheese fries.
A. an increase in the supply
B. a decrease in the quantity supplied
C. a decrease in the supply
D. an increase in the quantity supplied
Answer: C
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If government regulators want a natural monopolist to earn only zero economic profit, they will set price equal to:
A. average total cost (ATC). B. marginal cost (MC). C. average fixed cost (AFC). D. average variable cost (AVC).
Mr. Forbes pays $35,000,000 in federal income tax. How much is his marginal tax rate?
What will be an ideal response?
If residents of the United States give more gifts to relatives abroad than they receive, unilateral transfers will be
A) positive. B) unaffected. C) negative. D) zeroed out.
Billy Mac Tailor drives an 18-wheeler CG Carriers. He always stops at All Bright truck stops to buy diesel fuel. He is a preferred customer and gets a free meal and shower worth $10. But All Bright charges $12 more for a fill-up than most competitors. Which of the following is true?
A. There is a wealth transfer to Billy Mac Tailor, and CG Carriers has a wealth reduction of $12. B. Billy Mac Tailor increases his income by $10 and CG Carriers also benefits. C. CG Carriers has a wealth reduction of $2 even though they do not know about Tailor's actions. D. CG Carriers gets a benefit of $22 because Tailor is a preferred customer.