In the 1970s, the government placed price ceilings on gasoline prices. A shortage of gasoline occurred, and long lines formed at the pumps. Some gas stations required that in addition to paying the price on the pump you had to buy a blank will
The action of having to purchase the will in order to purchase gas is known as A) a surplus.
B) a price support.
C) the price system.
D) a black market.
D
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Which of the following is an example of marginal analysis?
a. a fast food restaurant that only serves lunch and dinner trying to determine if it should open for breakfast. b. a company looking at its total costs of production. c. a worker calculating his total income. d. an economist analyzing total output for the U.S. economy.
If MC > MR,
A. output should be reduced. B. marginal profit is positive. C. there are losses. D. output should be increased.
The publisher that paid Arthur Arthur, the popular novelist, a $2 million advance on his recent novel, which sold only 42 copies, fell victim to
a. moral hazard b. an authority relation c. the winner's curse d. the principal-agent problem e. adverse selection
On a straight line demand curve, total revenue is maximized where demand is unitary elastic.
Answer the following statement true (T) or false (F)