For which of the following goods is the marginal benefit of search likely to be greatest?
a. a haircut
b. a maid
c. a jar of peanut butter
d. a heart bypass
e. a new lamp
D
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Use the following graph to answer the next question.
In the figure, AD1 and AS1 represent the original aggregate supply and demand curves. If Q1 is full-employment output, then the long-run aggregate supply curve is located at output level ________.
A. Q2 B. Q1 C. Q3 D. None of these choices are correct.
A rise in the price level produces a ________ the aggregate supply curve
A) rightward shift of B) movement downward along C) leftward shift of D) movement upward along E) rightward shift of the aggregate supply curve and a movement downward along
Consider the market for gasoline. Buyers
a. and sellers would lobby for a price ceiling. b. and sellers would lobby for a price floor. c. would lobby for a price ceiling, whereas sellers would lobby for a price floor. d. would lobby for a price floor, whereas sellers would lobby for a price ceiling.
When government owns a natural monopoly and avoids subsidies, it:
A. sets price above marginal cost. B. still creates deadweight loss. C. recognizes setting price equal to marginal cost would cause the enterprise to incur losses. D. All of these statements are true.