Most economists support the idea of peak-load pricing on the grounds of
A. fairness in income distribution.
B. efficiency in input usage.
C. equality of opportunity.
D. efficiency in output allocation.
Answer: D
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Imperfect knowledge about a product can cause:
a. excessive resources devoted to producing a product. b. consumers paying too high a price for a product. c. overconsumption of a product. d. all of the above answers are true. e. none of the above answers a.-c. are true.
Elasticity of Supply
What will be an ideal response?
Refer to the above figure. Economic profits for this firm are
A. negative and equal to P1bcP2. B. positive and equal to P1abP2. C. negative and equal to P2bcP3. D. positive and equal to P2bcP3.
Explain why you would rather be a borrower during a period of unexpected rising inflation, and a lender during a period of unexpected declining inflation
What will be an ideal response?