Bars often offer specials on appetizers during "happy hour." What does the concept of price discrimination suggest about why this might be profit-maximizing behavior?
What will be an ideal response?
People might have more elastic demand for appetizers during times when they could easily go home and eat dinner and less elastic demand for appetizers during the evening hours after dinner.
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Which of the following best describes supply-side economics?
A) Education affects the incentive to work, save, and invest and, therefore, aggregate supply. B) Tax rates, particularly marginal tax rates, affect the incentive to work, save, and invest and, therefore, aggregate supply. C) Labor productivity affects aggregate supply. D) Education affects labor productivity which affects aggregate supply.
If this is a closed economy, what will the price of a bike be?
A. $20 B. $40 C. $140 D. $100
Refer to Table 3.1 to answer the following questionTable 3.1 Individual Demand and Supply SchedulesQuantity Demanded byPriceAlejandroBenCarlMarket$8.00842________6.001244________4.002046________2.002246________Quantity Supplied byPriceAveryBrandonCassandra $8.006046________$6.004244________$4.002442________$2.00640________In Table 3.1, if the price is $8, the market will
A. Experience a surplus of 30 units. B. Experience a surplus of 56 units. C. Be in equilibrium. D. Experience a shortage of 22 units.
Major westward moves in sports franchises began in the major sports in
A. 1969 with the Seattle Pilots as an expansion team. B. 1972 with the Washington Senators becoming the Texas Rangers. C. the 1950s with two New York teams (the Dodgers and the Giants) moving to California. D. 1922 with the Boston Braves moving to Atlanta.