Scalping at major sporting events is an example of
A) a surplus caused by the existence of price ceilings.
B) the operation of rationing by the market.
C) a black market caused by a price ceiling.
D) a black market caused by a price floor.
C
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The demand curve for low-skilled labor lies to the left of the demand curve for high-skilled labor because
A) there are more high-skilled workers than low-skilled workers. B) high-skilled workers require more compensation than low-skilled workers. C) high-skilled workers are more productive than low-skilled labor. D) firms do not see any difference between high-skilled labor and low-skilled labor.
Rationing of resources, goods, and services
A) is not required under the price system. B) is required because of scarcity. C) must be done by the government. D) happens only when the price is zero.
Opportunity cost is best defined as:
a. the sum of all alternatives given up when a choice is made. b. the money spent once a choice is made. c. the highest-valued alternative given up when a choice is made. d. the difference between the cost price and the selling price of a good. e. the cost of capital resources used in the production of additional capital.
In the short run, a perfectly competitive firm can earn: a. positive economic profits. b. zero economic profits
c. negative economic profits. d. any of the above.