If the wage rate were $90, how many workers would be hired?
Answer: 2
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Consider the following pricing strategies:
a. perfect price discrimination b. charging different prices to different groups of customers c. optimal two-part tariff d. single-price monopoly pricing Which of the pricing strategies allows a producer to capture the entire consumer surplus that would have gone to consumers under perfect competitive pricing? A) a, b, c, and d B) a, b, and c only C) a and b only D) a and c only
A perfectly inelastic demand curve is
A) a horizontal straight line. B) a vertical straight line. C) a downward sloping straight line that intersects the horizontal axis at the origin. D) an upward sloping straight line that crosses the vertical axis.
If consumption is $650 when real disposable income is $1,000, the average propensity to consume is
A. 0.80. B. 0.065. C. 0.08. D. 0.65.
Which of the following is exempt from antitrust laws?
A. telephone companies B. automobile companies C. suppliers of military equipment D. professional basketball