Which is the most accurate statement?
A. Doctors' incomes are high because the demand for their services is high relative to the supply.
B. Doctors' incomes are high because the supply of their services is high relative to the demand.
C. Doctors' incomes are low because the demand for their services is high relative to the supply.
D. Doctors' incomes are low because the supply of their services is high relative to the demand.
A. Doctors' incomes are high because the demand for their services is high relative to the supply.
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In the above figure, if the firm increases its output from Q1 to Q2, it will
A) reduce its marginal revenue. B) increase its marginal revenue. C) decrease its profit. D) increase its profit.
Refer to the above figure. The Law of Increasing Additional Costs applies in
A) Panel A only. B) Panel B only. C) Panels A and B. D) neither Panel A nor B.
Jamie and Danny both attend the same college and incur the same expenses for tuition, books, and school supplies. Jamie gave up a lucrative modeling job in Paris to attend school full-time and Danny gave up a part-time job as a sales clerk in a department store. It follows that: a. the opportunity cost of attending college is the same for both since they are enrolled at the same academic
institution. b. the opportunity cost of attending college is likely greater for Jamie than for Danny. c. the opportunity cost of attending college is likely greater for Danny than for Jamie. d. the opportunity cost is minimal for both since college graduates are paid much higher than high school graduates on average.
Harry is 40 and black. Dan is 40 and white. Both work as plumbers, but Harry earns more
a. Dan is being discriminated against. b. Harry might be discriminated against if he has more experience as a plumber. c. Harry might be discriminated against if he has less training as a plumber. d. Harry might be discriminated against if he works the day shift and Dan works the night shift.