Refer to Figure 4-1. Kendra's marginal benefit from consuming the third ice cream cone is
A) $13.00 B) $2.50 C) $1.50 D) $0.50
B
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Gene's Car Wash is a natural monopoly. To wash 100 cars a week, if Gene is unregulated, he would charge a price of $10. Gene's average total cost for washing 100 cars is $8, his average variable cost is $6, and his marginal cost is $4
If Gene is regulated using a marginal cost pricing rule, the price he is allowed to charge to wash 100 cars is A) $10. B) $8. C) $6. D) $4. E) $400.
If both market demand and supply increase simultaneously, then equilibrium quantity will (be) ____ and equilibrium price will (be) ____
a. indeterminate; decrease b. increase; increase c. increase; indeterminate d. decrease; decrease
According to the long-run Phillips curve, in the long run monetary policy influences
a. both the inflation rate and the unemployment rate. b. the inflation rate but not the unemployment rate. c. the unemployment rate but not the inflation rate. d. neither the unemployment rate nor the inflation rate.
In the area of taxation, the trade-off between equity and efficiency
A. never occurs since efficient taxes are often the most progressive. B. is relevant as efficient taxes are often regressive. C. is irrelevant. D. is relevant because efficient taxes are often progressive.