"Kids eat free" in a fast food restaurant is an example of
A) first-degree price discrimination.
B) second-degree price discrimination.
C) third-degree price discrimination.
D) no price discrimination.
C
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When the federal government installs a price support program that requires the government to purchase all of a good not bought in the private economy at the support price, the impact on total welfare is the
A) change in consumer surplus. B) change in consumer surplus + the change in producer surplus + the cost to government. C) change in consumer surplus + the change in producer surplus - the cost to government. D) change in consumer surplus + the change in producer surplus.
With a tax of zero dollars, equilibrium occurs at
Suppose the supply of labor is W – t = 10H, where W is the gross wage, t is the tax (in dollars), and H is labor hours. The demand for labor is W = 120 – 2H. a) H = 10, W = 100 b) H = 9, W = 90 c) H = 8, W = 80 d) H = 7, W = 70 e) H = 6, W = 60
Exhibit 6-15 Long-run average cost
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In Exhibit 6-15, short-run average total cost, short-run marginal cost, and long-run average cost are all equal at which level of output per week?
A. 500 units. B. 1,000 units. C. 1,500 units. D. 2,000 units.
According to supply-side economists, when operating in the upper portion of the Laffer curve, tax cuts result in ___________.
Fill in the blank(s) with the appropriate word(s).