The demand for a monopoly's output is p = 100 - Q. The firm's production function is Q = 2L. Which of the following is the firm's demand for labor?
A) w = 200 - 8L
B) w = 200 - 4L
C) w = 100 - L
D) w = 2L
A
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Analysis that is limited to making either purely descriptive statements or scientific predictions is
A) positive economics. B) normative economics. C) microeconomics. D) macroeconomics.
An example of a fungible commodity is:
A. oil. B. gold. C. aluminum. D. All of these are fungible commodities.
Motorcycle helmet laws have been controversial in some states. Riders prefer the feel of the wind on their faces. Others, however, point out that riders without helmets are more likely to suffer severe injury and run up hospital bills at public expense. Which of the following would most likely reduce the incidence of high bills for helmetless riders?
a. raise insurance rates for helmetless riders
b. lower insurance rates for helmetless riders
c. publish information on injury rates for helmetless riders
d. subsidize hospitals
Assume that Dusty has $30 in income, the price of a loaf of bread is $1.50, and the price of a jar of peanut butter is $3. If Dusty's income rises to $45, Dusty can now buy a maximum of ________ loaves of bread or a maximum of ________ jars of peanut butter.
A. 15; 30 B. 30; 15 C. 5; 25 D. 10; 40