The Miami Dolphins play football in Joe Robbie Stadium which holds 76,500 seats. In 2009, attendance averaged about 70,000 fans per game. This means that the quantity supplied of seats is
A) 76,500.
B) 70,000.
C) 6,500.
D) 126,500.
A
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In the figure above, the marginal cost of the fifth computer is
A) 0 television sets per computer. B) 4 television sets per computer. C) 20 television sets per computer. D) 35 television sets per computer.
Which of the following is not true concerning producer surplus? a. It is qraphically the area under the supply curve and above the market price. b. It exists in equilibrium
c. A leftward shift of the supply curve will decrease producer surplus. d. A rightward shift of the supply curve will increase producer surplus.
Which of the following would cause the present optimal extraction level of a nonrenewable resource to fall?
A. An increase in the present value of expected future profits. B. A decrease in extraction costs. C. A decrease in user costs. D. An increase in the current price of the resource.
Classical economists defended the economic concept of
A. market clearing. B. government intervention in the marketplace. C. prolonged recession and high rates of unemployment. D. Keynesian economists.