The "fair rules" view of fairness is based on
A) income transfers from the rich to the poor.
B) property rights and voluntary exchange.
C) utilitarianism.
D) the big tradeoff.
E) allocating resources using majority rule.
B
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Use the following table to answer the question below.(1)(2)(3)(4)(5)QdQdPriceQsQs5040$1070806050960708060850609070740501008063040Suppose that market demand is represented by two demanders in columns (1) and (2) and market supply is represented by two suppliers in columns (4) and (5). If the price were artificially set at $9
A. a surplus of 20 units would occur. B. demand would change from columns (3) and (2) to columns (3) and (1). C. the market would clear. D. a shortage of 20 units would occur.
American Airlines makes numerous nonstop flights from Chicago's O'Hare Airport to the airport at Dallas-Fort Worth. The distance between those two cities is 1,000 miles. The only variable cost, fuel, costs $.06 for each passenger-mile it flies. Bob, on his way to an emergency business meeting, buys a ticket in coach class for $1,300 at the very last minute. The marginal cost of flying Bob from
Chicago to Dallas-Fort Worth is: a. b and e. b. higher than the average cost of previous passengers. c. $600. d. $160. e. $60.
The ability of a firm to charge different customers different prices is called _____
a. price ceiling b. price discrimination c. predatory pricing d. price flooring e. base point pricing
The Phillips Curve will shift downward if
A. the overall employment rate remains unchanged. B. the expected inflation rate falls. C. the unexpected inflation rate rises. D. the price level falls.