Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point A to Point B is
A. -2/3.
B. -1.5.
C. -3.
D. -30.
Answer: B
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The local symphony recently raised its price for tickets to their summer concerts in the park. At the end of the summer season, the symphony was surprised to see that total revenue had actually decreased. The reason was that the elasticity of demand for tickets was
A. unit elastic. B. inelastic. C. elastic. D. Not enough information is given.
In 2002, the largest marital status category of white single parents was "never married."
Indicate whether the statement is true or false
The marginal revenue product curve is the
a. same as the supply of labor curve b. price of the good in a competitive market c. marginal physical product curve multiplied by the price of the good d. change in the firm's output generated by the employment of an additional worker e. change in total cost that results from employing an additional worker
Government corruption
a. impedes the coordinating power of markets and discourages investment. b. impedes the coordinating power of markets but does not discourage investment. c. does not impede the coordinating power of markets, but does discourage investment. d. can neither impede the coordinating power of markets nor discourage investment.