Suppose that the "Millennial" generation values leisure more than past generations. We can expect a decrease in the labor supply as the Millennials enter their prime working ages
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to the figure below.
If a price ceiling were imposed at point G, then excess demand would be measured by the distance between points:
A. K and I B. F and I C. G and I D. F and K
Apple introduced its iPhone 3G in July 2008 and within a month sales had topped 3 million units. By April 2009, more than 25,000 apps for the iPhone 3G were available in the iTunes store, an indication that in a competitive market
A) the ease at which a new firm can enter a competitive market is low. B) the ease at which a new firm can enter a competitive market is high. C) entry into the market is blocked. D) entry into the market is restricted in the short run, but becomes easier in the long run.
Refer to Figure 4-4. At a price of $18 consumers are willing to buy 40 pounds of tiger shrimp. Is this an economically efficient quantity?
A) Yes, because $18 shows what consumers are willing to pay for the product. B) No, the marginal benefit of the 40th unit exceeds the marginal cost of that 40th unit. C) Yes, otherwise consumers would not buy 40 units. D) No, the marginal cost of the 40th unit exceeds the marginal benefit of the 40th unit.
Social disapproval is likely to be more effective:
A. in a small town than a large city. B. in solving a free rider problem than a tragedy of the commons problem. C. than taxation. D. when community members have only spurious relationships with others in the area.