Different measurements of elasticity include:
A. cross-price elasticity of demand, income elasticity of supply.
B. preference elasticity of demand, cross-price elasticity of supply.
C. price elasticity of demand, price elasticity of supply.
D. income elasticity of demand, income elasticity of supply.
Answer: C
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The real wage rate is $35 an hour. At this wage rate there are 100 billion labor hours supplied and 200 billion labor hours demanded. There is a
A) shortage of 300 billion hours of labor. B) shortage of 100 billion hours of labor. C) surplus of 100 billion hours of labor. D) surplus of 300 billion hours of labor. E) shortage of 200 billion hours of labor.
Cartels:
a. encourage competition. b. attempt to restrict output in order to raise prices. c. rely on legally enforceable contracts between cartel participants. d. rely on advertising and packaging to increase profits. e. All of the above.
Which of the following is a barrier to entry?
a. Zoning laws preventing the establishment of new businesses in a certain area. b. The cost of buying a building in which to establish a new business. c. A sales-tax law. d. Inspection requirements for agricultural products.
Suppose a tax of $0.10 per unit on a good creates a deadweight loss of $100 . If the tax is increased to $0.25 per unit, the deadweight loss from the new tax would be
a. $200. b. $250. c. $475. d. $625.