In the table above, the marginal product of the first unit of labor is ________ units of output
A) 4
B) 5
C) 16
D) 20
B
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A black market develops only when quantity demanded exceeds quantity supplied.
Answer the following statement true (T) or false (F)
Repeated hurricanes in Florida have caused some retirees to choose to retire to Arizona instead. Based on this information, retirement housing in Florida and that in Arizona are what kinds of goods?
A. Florida housing has become a luxury good, and Arizona housing had been an inferior good. B. Florida housing and Arizona housing are complementary goods. C. Florida housing has become an inferior good, and Arizona housing had been a luxury good. D. Florida housing and Arizona housing are substitutes.
Given: M = 800, V = 6, P = 4, and Q = 1,200. According to the crude quantity theory of money, if M rises to 1,000, how much would V, P, and Q be?
What will be an ideal response?
Which of the following is not an example of price discrimination?
A. mattress sales on Memorial Day B. student discounts at museums C. rental car companies charging lower prices to local residents than to out-of-state residents D. children's discounts at amusement parks