A minimum wage law is a:
A. quantity restriction.
B. customary norm without legal structure or protection.
C. price ceiling.
D. price floor.
Answer: D
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The market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, where both quantities are measured in millions of gallons per year. What is the aggregate surplus at the competitive market equilibrium?
A. $4.5 million B. $9 million C. $13.5 million D. $27 million
Short-run macroeconomic equilibrium occurs when
A) aggregate demand and short-run aggregate supply intersect. B) the equilibrium lies on the long-run aggregate supply curve. C) structural and frictional unemployment equal zero. D) A and B
A firm sells 20 units of a good at a price of $5 per unit. If the average cost of production of the good equals $3 per unit, the firm's revenue is:
A) $40. B) $60. C) $100. D) $120.
When Jack's income increases by $5,000, he spends an additional $4,000 dollars. This implies that his marginal propensity to consume is 1.25
Indicate whether the statement is true or false