If the market in the figure above is a profit-maximizing single-price monopoly, the deadweight loss is the area ________
A) ABH
B) BFGH
C) ACG
D) BCD
E) ACE
D
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Which of the following provides the clearest example of human capital?
A) Automated equipment that can be used without any accompanying human labor B) Corporate stock owned by individuals and families rather than institutions such as mutual funds or corporations C) Machinery that has been designed and constructed by human beings D) Tools that cannot be used effectively except in combination with workers E) The ability to read
The table above gives information about the labor market in Lantis, a community in which the labor market is perfectly competitive
If the demand for labor decreases by 200 hours per day, the equilibrium wage rate falls to ________ an hour and the quantity of labor employed ________ hours per day. A) $10; remains at 400 B) $10; decreases to 300 C) $20; increases to 400 D) $5; remains at 200
Refer to Table 4-4. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $27 dollars, total consumer surplus will be
A) $0. B) $14. C) $26. D) $53.
Adam and Barb go to the store to purchase some lottery tickets. Without looking at the price, Adam says "I'll take 10 lottery tickets," and Barb says "I'll take $10 worth of lottery tickets.". What is each person's price elasticity of demand for lottery tickets?