For which pairs of goods is the cross-price elasticity most likely to be positive?
a. canoes and kayaks
b. pizza and college textbooks
c. Halloween candy and rain coats
d. cats and cat food
a
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The "fair results" view of fairness says that a minimum wage law set above the equilibrium wage rate is unfair because the minimum wage
A) does not apply to all workers. B) boosts the income of highly skilled workers. C) benefits only those workers who are able to find and keep a job. D) benefits nobody. E) cannot be enforced.
Which of the following is not a legal organization of a firm?
A) corporation B) partnership C) entrepreneurship D) proprietorship
Other things equal, in the short run a lower price level leads households to
a. increase consumption and firms to buy more capital goods. b. increase consumption and firms to buy fewer capital goods. c. decrease consumption and firms to buy more capital goods. d. decrease consumption and firms to buy fewer capital goods.
The table below shows cost data for a firm that is selling in a purely competitive market.OutputAverage Variable CostAverage Total CostMarginal Cost10$5.00$15.00$3124.0013.004144.7511.506165.759.009209.0012.0014Refer to the above cost chart. Which output level will the firm never produce?
A. 10 B. 20 C. 12 D. 16