An increasing block pricing structure for water supplies
a. creates an economic incentive to conserve water usage
b. charges a higher price for lower levels of water consumption
c. does not reflect the underpinnings of benefit-cost analysis
d. ignores the marginal cost of water consumption
a. creates an economic incentive to conserve water usage
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An upscale fusion bistro in a small town charges higher prices for the same menu items at dinner time than at lunch time. Does the bistro necessarily practice price discrimination?
Explain your answer
Cross elasticity tells a manager that the product they produce is
A) a countercyclical good. B) a cyclical good. C) a luxury. D) a substitute or complement to other goods.
A nation has a comparative advantage in the production of cars over another nation if: a. it can produce cars with fewer resources than the other country
b. it can produce cars at a lower opportunity cost than the other country. c. it can produce cars at a higher opportunity cost than the other country. d. it can produce cars at the same opportunity cost and its consumers have a stronger preference for cars than consumers in the other country.
In the specificfactors model, labor migration from Mexico to the United States will cause _________ in U.S. lowskilled wages and _________ in Mexican low skilled wages.
a. increases; decreases b. increases; increases c. decreases; decreases d. decreases; increases