Because the demand for the matinee showing is ________________ elastic than the demand for the evening showing, the demand curve for matinees is _______________ than the demand for evening movie showings.
a. less, steeper
b. less, flatter
c. more, flatter
d. more, steeper
c. more, flatter
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Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the short run would be:
A. P1 and Y2. B. P2 and Y3. C. P3 and Y1. D. P2 and Y2.
What are the short-run economic effects when U.S. firms substitute labor outside of the U.S. for labor inside the U.S.?
A) The demand curve for labor in the U.S. decreases, and the demand curve in the foreign country will increase. B) The demand curve for labor in the U.S. increases, and the demand curve in the foreign country will decrease. C) The demand curve for labor in the U.S. decreases, and the demand curve in the foreign country will decrease. D) The demand curve for labor in the U.S. increases, and the demand curve in the foreign country will increase.
The graph above shows a small country that can import at the world price of Pw. Suppose that the government imposes a tariff of $T per unit (and suppose that this does not raise the domestic price so much that there will be no trade. Use the graph above to illustrate the effects of the tariff. Show the new areas of consumer surplus, producer surplus, and government revenue, and the deadweight
losses due to the tariff. Who wins and who loses from the tariff? What will be an ideal response?
The market to buy and sell organs:
A. would increase the well-being of those who interacted in it. B. would create negative surplus in those who could not afford an organ, but needed one. C. would never exist because it is unfair. D. would not be considered "missing," since surplus could be gained from it.