Explain and interpret the elements of an individual and market demand schedule
What will be an ideal response?
-A demand schedule is a table that lists the quantity of a good that a person will purchase at various prices in a market.
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What are the two conditions that are met if a consumer is maximizing utility?
What will be an ideal response?
Which of the following states had the highest incidence of union membership as a percent of all wage and salary workers in 2012?
a. New York, Hawaii, and Alaska b. South Carolina, North Carolina, and Mississippi c. Arkansas, North Carolina, and Texas d. California, Florida, and Georgia
A monopolist produces where P = MC = MR
a. True b. False Indicate whether the statement is true or false
Assume General Motors has decided to build an assembly plant in St. Louis. The plant will employ 1,000 full-time workers at an annual wage of $40,000 each. If the marginal propensity to consume in St. Louis is 2/3, what change in income will result from operation of the plant for one year?
A. $26.7 million. B. $40 million. C. $80 million. D. $120 million.