Refer to the graph shown.
A movement from points A to B represents a(n):
A. upturn.
B. downturn.
C. trough.
D. peak.
Answer: B
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The cross-price demand curve for Cobb-Douglas tastes is perfectly vertical.
Answer the following statement true (T) or false (F)
A private good:
A. is a good for which consumption involves perfect rivalry. B. is completely nonexcludable. C. is often provided by the government. D. imposes a negative externality when it is consumed by any one individual.
Which of the following is an example of a deficiency caused by a regulatory approach to pollution?
a. ignored information provided by market signals b. special interest influence on policies c. lack of accountability by regulators for costs of regulation d. all of the above
Refer to the above figure. Suppose the government imposes a minimum wage rate of $20.00 per hour. This will likely result in
A. a shortage of labor. B. an equilibrium in the labor market. C. an increase in the demand for labor. D. a surplus of labor.