All of the following are macro failures that justify government intervention except for:
A.) High unemployment.
B.) A rising price level.
C.) A decline in the production capacity.
D.) Inequitable distribution of output.
D.) Inequitable distribution of output.
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Refer to Figure 10-6. A change in the price of popcorn only is shown in
A) Panel A. B) Panel B. C) Panel C. D) none of the above panels.
Suppose Congress passes a law that states the price of gasoline may not exceed $6 per gallon (but may be lower)
If the current price of gasoline is less than $6, what impact does this law have on the current price and quantity of gasoline in the US market? A) There is a shortage of gasoline B) There is a surplus of gasoline C) Quantity supplied currently equals quantity demanded, but a surplus is possible at prices above $6 D) The law currently has no impact, and the market clears at the equilibrium price
If the government grants a patent to Firm A for the production of Good A, then the market for Good A will be: a. an oligopoly
b. a monopoly. c. perfectly competitive. d. a duopoly.
If a book has a royalty rate of 15% and 12,000 copies are sold to bookstores at $50 each, the bookstore returns 2000 unsold books to publishers, and the bookstore sells the books to students for $62.50, the author will be paid
A. $93,750 (.15*62.50*10,000). B. $90,000 (.15*50*12,000). C. $112,500 (.15*62.50*12,000). D. $75,000 (.15*50*10,000).