In what type of market do these gas stations operate? What determines the price of gasoline and the marginal revenue from gasoline?
What will be an ideal response?
These stations operate in a perfectly competitive market. The equilibrium price is determined at the equilibrium between the market demand and the market supply. The marginal revenue from a gallon of gasoline equals the market price of a gallon.
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Suppose the equilibrium quantity of labor hired decreases and the equilibrium real wage rate increases. All else constant, this situation will also result in
A) more government outlay for the unemployed. B) higher output prices. C) lower output prices. D) fewer benefits for those still unemployed.
If technological advances lower the cost of computer chips, in the market for computers the equilibrium price will ________ and the equilibrium quantity will ________
A) fall; increase B) fall; decrease C) rise; increase D) rise; decrease
Entrepreneurship results in an equal distribution of wealth and income
Indicate whether the statement is true or false
Refer to the information provided in Figure 13.9 below to answer the question(s) that follow. 
Figure 13.9 Refer to Figure 13.9. From society's point of view, the efficient level of electricity production is ________ megawatts.
A. 500 B. 600 C. 800 D. 1200