Which of the following will shift today's supply curve to the right?
A) Input prices rise.
B) Sales taxes increase.
C) Prices are expected to be higher in the future.
D) Prices are expected to be lower in the future.
D
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Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket is $50
A) no one will buy a ticket. B) Violet's consumer surplus is $2. C) consumer surplus will be maximized. D) everyone will buy a ticket.
"The U.S. government should not use my tax dollars to subsidize people on welfare"
A) is a positive economic statement because it simply describes one person's opinion. B) is a normative economic statement because it involves a value judgment about an economic policy. C) is a positive economic statement because it predicts that my tax dollars will go to welfare. D) is a normative economic statement because it is a scientific fact.
Grace consumes two goods: iced tea and spaghetti. The price of iced tea is $2 per bottle. Her income is $500 per month. Grace spends all her income each month. She purchases 50 bottles of iced tea and 100 servings of spaghetti. What is the price of a serving of spaghetti?
a. $10 b. $5 c. $4 d. $2
Producer surplus is
A. the difference between willingness to sell and full costs of productions for the firm. B. the difference between current market price and full costs of production for the firm. C. current market price. D. the difference between the maximum a person is willing to pay and current market price.