To change the definition of demand to the definition of supply, all we would need to do is change the word _____ to _____.
Fill in the blank(s) with the appropriate word(s).
buy; sell
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In Dakistan, 3M people work, 0.5M are unemployed and get UI benefits, 0.1M are unemployed without UI benefits and 3M have no intention to work. The unemployment rate is (to the nearest %)
A) 7%. B) 9%. C) 14%. D) 17%.
All of the following are true if both the upstream and downstream firm have market power except which one?
A) Both the upstream firm and the downstream firm set a price that exceeds their respective marginal costs. B) If the two firms were to merge, the combined firm would earn the same profit than if they did not merge. C) This situation is referred to as a successive monopoly. D) This situation is referred to as double marginalization.
Tradable allowances are like quotas in that they both:
A. reduce the quantity bought and sold to the efficient level. B. maximize surplus. C. are efficient. D. All of these statements are true.
Suppose that the demand for picture frames is highly inelastic, and the supply of picture frames is highly elastic. A tax of $1 per frame levied on picture frames will increase the price paid by buyers of picture frames by
a. less than $0.50. b. $0.50. c. between $0.50 and $1. d. $1.