The typical welfare family would be
A. A single woman with 6 or 8 children.
B. A single woman with 1 or 2 children.
C. A couple about 70-80 years old.
D. A childless male in his 30s or 40s.
B. A single woman with 1 or 2 children.
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Tickets to the Michigan-Notre Dame football game are usually sold out in advance of game day. This suggests that
a. the price of the tickets must be very high or else people would not consider them valuable
b. the price is set below the equilibrium level
c. the football stadium is relatively small
d. everyone who attends the game will enjoy it
e. the price is determined primarily by the fixed supply of tickets
To be effective in raising people's wages, a minimum wage must be set
A) above the equilibrium wage rate. B) below the equilibrium wage rate. C) equal to the equilibrium wage rate. D) below $7. E) either above or below the equilibrium wage depending on whether the supply curve of labor shifts rightward or leftward in response to the minimum wage.
Consider the market for gasoline in a moderately large city. All else constant, it would be reasonable to conclude that the price elasticity demand for any individual gas station would be higher (more elastic) than the price elasticity of demand for
gas in general. Indicate whether the statement is true or false
Why are utils a useful unit of measure?
a. Utils demonstrate the relative levels of satisfaction a good delivers to multiple consumers. b. Utils demonstrate the relative levels of satisfaction goods deliver to a given consumer. c. Utils can be used to model the sometimes-irrational decisions consumers make. d. Utils can be used to prove that marginal utility and total utility are independent of one another.