Using the midpoint method, the price elasticity of demand for a good is computed to be approximately 2 . Which of the following events is consistent with a 0.1 percent increase in the price of the good?
a. The quantity of the good demanded decreases from 250 to 150.
b. The quantity of the good demanded decreases from 200 to 100.
c. The quantity of the good demanded decreases by 0.05 percent.
d. The quantity of the good demanded decreases by 0.2 percent.
d
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Which of the following groups has the highest proportion of unskilled illegal immigrants in the U.S.?
A. Agricultural workers B. Construction workers C. Cleaning workers D. Food preparers
The unregulated, single-price monopoly shown in the figure above will produce where its demand
A) equals its MC curve. B) equals its ATC curve. C) is inelastic. D) is elastic.
The above figure shows the market for a particular good. If the market is controlled by a perfect-price-discriminating monopoly, compared to a perfectly competitive market, the change in consumer surplus is
A) A. B) A + B + C. C) A + B + C + D + E. D) zero.
A subsidy to buyers has been placed in the market in the graph shown. The result is:
A. a higher quantity bought and sold at a higher price.
B. customers are worse off than before the subsidy.
C. producers are worse off than before the subsidy.
D. None of these is true.