Which of the following are most likely to be in poverty?
a. Families headed by a male
b. White males
c. Disabled people
d. Married couples
e. People with a college degree
c
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A price ceiling does NOT lead to a deadweight loss if ________
A) the equilibrium market price lies below the price ceiling B) the equilibrium market price lies above the price ceiling C) the price elasticity of market demand is greater than 1 D) the price elasticity of market supply is greater than 1
If in the short run, at the profit maximizing level of output, the average revenue curve of a competitive firm lies above the average cost curve then:
a. the firm is incurring losses. b. the firm is just able to cover its total cost. c. the firm enjoys above-normal profits. d. the firm must shut down. e. the firm is barely able to cover its variable costs.
If one day a terrible disease were to wipe out over one-half of the orange trees in the United States, which of the following would likely result?
A. The demand curve for orange juice would shift to the right. B. The supply curve of orange juice would shift upward and to the left. C. The supply curve of orange juice would shift downward and to the right. D. The demand curve for orange juice would shift to the left.
The law of demand includes the statement "other things being equal." These other things include all of the following EXCEPT
A. consumers' tastes and preferences. B. the price of that good in the law of demand. C. consumers' income. D. the number of potential buyers.