Refer to Figure 6.1. At point A, the marginal product of labor is
A) rising.
B) at its minimum.
C) at its maximum.
D) diminishing.
A
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Refer to the below graphs. (Assume that the pre-migration labor force in Country A is 0d and that it is 0u in country B.) Domestic output in country A will, after the immigration:
A. Decrease by area abc
B. Decrease by area adec
C. Increase by area abc
D. Increase by area adec
Refer to Figure 4-8. Suppose that instead of a rent ceiling, the government imposed a price floor of $2,000 per month for apartments. What is the value of consumer surplus after the imposition of the price floor?
A) $6,000 B) $30,000 C) $100,000 D) $240,000
An economic consultant recently reported to Sam Snerd that the cross-price elasticity between his product and another firm's scooters is 4.5 . From this information Sam can conclude that
a. his firm's market is smaller b. his firm is a monopolist c. his firm's product has few substitutes d. there is at least one other firm in his relevant market e. scooters are complimentary to his firm's product
Two companies, Dirty Inc. and Filthy Inc., each of which has access to 5 different production processes, each of which has a different cost and produces a different amount of pollution. The daily costs of the processes and the number of tons of smoke emitted are shown in the table below.ProcessABCDE(smoke/day)(4 tons/day)(3 tons/day)(2 tons/day)(1 tons/day)(0 tons/day)Cost to Dirty Inc. ($/day)$100$200$380$740$1,460Cost to Filthy Inc. ($/day)$400$430$490$580$700 Suppose pollution is initially unregulated. If the City Council requires each firm to reduce emissions by 50 percent, then the total cost to society of this policy will be ________ per day.
A. $360 B. $490 C. $380 D. $870