The supply curve of books (which are produced using paper made from trees) will shift to the left in response to
A. a decline in college tuition.
B. an increase in home building.
C. an increase in the supply of lumberjacks.
D. an end to government regulations that limit timber harvesting in national forests.
Answer: B
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Refer to Figure 10.1. If two lights are installed, the person who was not responsible for the light being installed receives a payoff of
A) 4. B) 6. C) 8. D) 12.
What is the approximate cost to a professional basketball team of giving ten free tickets for a particular game to children in an orphanage?
A) Probably nothing if the game is not sold out. B) The face price of the tickets C) The value of the opportunities forgone by putting on the game, divided by the number of seats (times ten) D) We cannot tell unless we know the value the orphans place on attending.
A tax on polluting firms
A. would shift the LRAC curve upward. B. would shift the LRAC curve downward. C. would have the same impact on the firm as a subsidy. D. tends to have the perverse effect of increasing pollution.
Uber has come under criticism for its surge pricing because consumers see it as
A) equally fair for firms to raise prices after an increase in costs and as a result of an increase in demand. B) completely unfair for firms to raise prices after an increase in costs or as a result of an increase in demand. C) more fair for firms to raise prices after an increase in costs than as a result of an increase in demand. D) more fair for firms to raise prices after an increase in demand than as a result of an increase in costs.