The over 280,000 people employed in regulatory agencies of the federal government represent
A. A compliance cost.
B. An administrative cost.
C. An information cost.
D. An efficiency cost.
Answer: B
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The amount Jacqueline receives for selling cupcakes beyond the minimum she would be willing to sell the cupcakes for is called
A) consumer surplus. B) producer surplus. C) cooperative surplus. D) deadweight loss.
In the figure above, if the market is at equilibrium, the sum of the total consumer surplus and the total producer surplus is
A) $240. B) $600. C) $1,000. D) $0. E) $60.
As a method of resource allocation, market price
A) means those who are willing and able to pay get a particular good or service. B) works well when self-interest must be suppressed. C) works best inside firms and government departments. D) is efficient when there is no effective way to distinguish among potential users of a scarce resource.
Suppose the market for grass seed can be expressed as
Demand: QD = 100 - 2p Supply: QS = 3p At the market equilibrium, calculate the price elasticities of supply and demand. Use these numbers to predict the change in price resulting from a specific tax.