Which of the above diagrams illustrate(s) the effect of an increase in automobile worker wages on the market for automobiles?
A. A only.
B. B only.
C. C only.
D. D only.
Answer: D
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What three conditions must be satisfied in order for the Coase theorem to work?
What will be an ideal response?
Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. The marginal cost of the 5th T-shirt is
A) 2. B) 10. C) 12. D) 60.
The production possibilities curve demonstrate which of the following concepts?
A) scarcity
B) choice
C) trade-offs
D) all of the above
The income elasticity of demand for haircuts is 1.5, and the income elas-ticity of demand for food is 0.14 . You take a weekend job, and the income you have to spend on food and haircuts doubles
If the prices of food and haircuts remain the same, will you double your expenditure on haircuts and double your expenditure on food? Explain why or why not.