If a customer buys an airline ticket based only on the price of the ticket, then the airline ticket is a(n)
A) experience good.
B) credence good.
C) logo good.
D) search good.
D
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In an unregulated, competitive market producer surplus exists because some
A) consumers are willing to pay more than the equilibrium price. B) producers are willing to take more than the equilibrium price. C) producers are willing to sell at less than the equilibrium price. D) consumers are willing to purchase, but only at prices below equilibrium price.
The market demand function for wheat is Qd = 10 - 2P and the market supply function is Qs = 4P - 2, both measured in billions of bushels per year. Suppose the government wants to increase the price of wheat to $3/bushel and they impose a price floor to achieve their goal. What is the size of the producer surplus?
A. $4 billion B. $6 billion C. $10.5 billion D. $8 billion
The cost of building a blast furnace for an iron and steel firm would be categorized as a: a. total cost
b. fixed cost. c. variable cost. d. marginal cost.
People end unemployment when they
A) are laid off. B) quit work to go to school. C) retire from a job. D) are recalled from a layoff. E) quit work to raise a family.