There are 20 residents in the village of Towneburg. The size of the village's annual fireworks display depends upon the number of shells that are fired off. Each resident's demand for fireworks is shown below. The total cost of the fireworks display is $1,000 plus $10 per shell.
What is the horizontal intercept of the village's demand curve for fireworks?
A. 50
B. 100
C. 500
D. 25
Answer: D
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In considering the criteria for an ideal voting system, the idea of an irrelevant alternative refers to:
A. when an option is added to a vote and is unrelated to the issue being voted on. B. different voting methods that could alternatively be used, but would not change the outcome. C. when an option is added to a vote and has no realistic chance of winning. D. different voting methods that could alternatively be used, and could change the outcome.
Recent declines in union membership are likely to cause the natural rate of unemployment to:
What will be an ideal response?
Company B has just discovered that the marginal revenue product generated by the last worker hired was $25 while the marginal factor cost was $25. What should Company B do?
A) Leave the level of production unchanged. B) Increase the amount produced. C) Reduce the amount produced. D) Collect more information before making a decision.
What is the shape of the long-run aggregate supply curve? Why?
What will be an ideal response?