Happy Cleaners is a monopoly and cleans 500 homes a month. If Sparkle Cleaners enters the market and a Chamberlin oligopoly is formed, Sparkle Cleaners will clean ________ homes a month in equilibrium.
A) 375 B) 250 C) 200 D) 500
B) 250
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A time series graph can show both the level of a variable and the speed with which the variable changes over time
Indicate whether the statement is true or false
Every year as the clock nears midnight on December 31st, the eyes of the world turn to Times Square in New York City to watch the famous ball drop at midnight
The event is open to everyone, but it is advised you arrive early to be able to participate because the square quickly becomes crowded with no space left for latecomers. This celebration is most like a A) common resource. B) public good. C) private good. D) natural monopoly.
When the government imposes a tax on a good, total economic surplus will:
A. never change. B. always fall. C. only increase if the good entails a positive externality. D. only increase if the good entails a negative externality.
To calculate the Consumer Price Index, the BLS surveys
A. over 10,000 households. B. all households in one major city each month. C. all households in the United States. D. between 100 and 500 households.