The bottom 80 percent of the families in the United States receive approximately ________ percent of total income.
A. 90
B. 50
C. 10
D. 20
Answer: B
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Define the term deadweight loss. Will there be a deadweight loss if a good's marginal cost exceeds its marginal value? Explain.
What will be an ideal response?
A change in which variable will change the market demand for a product?
A) the price of the product B) population C) the prices of substitutes in production D) technology
Happy Cows is bidding on a large piece of farm equipment to process their dairy products. The managers of Happy Cows have estimated the additional profit Happy Cows will earn from the piece of equipment and have valued the equipment at $125,000. Happy Cows' value of the farm equipment is ________.
A) a common value B) an independent private value C) a public value D) a correlated value
A metal refining plant emits sulfur dioxide into the air and has decided to install air scrubbers to reduce the amount of pollution. Each scrubber costs $180,000 and the Environmental Protection Agency (EPA) fines the plant $5,000 for every part of pollution emitted per million.
Based on the information above, how many air scrubbers should the plant install in order to minimize the total cost of pollution?
A. 1 B. 2 C. 3 D. 4 E. 5