While waiting in line to buy two tacos at 80 cents each and a medium drink for 90 cents, Jordan notices that the restaurant has a value meal containing three tacos and a medium drink all for $3 . For Jordan, the marginal cost of the third taco would be:
a. zero. b. 50 cents.
c. 80 cents. d. $1.
b
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If Country A opens up their corn market to trade with the rest of the world and the global price of corn is lower than the equilibrium price of corn in Country A, then Country A will ________ corn, which will ________ consumer surplus, ________
producer surplus, and ________ total surplus. A) import; increase; decrease; increase B) import; decrease; increase; increase C) export; increase; decrease; increase D) export; decrease; increase; increase E) export; decrease; increase; decrease
Which of the following is false? a. The unemployment rate is the number of people officially unemployed divided by the civilian labor force. b. The labor force includes those people over the age of 14 who are either employed or unemployed
c. Discouraged workers, who have not actively sought work for four weeks are not counted as unemployed; instead they fall out of the labor force. d. Some people working overtime or extra jobs might be considered to be overemployed.
When unions successfully raise wage rates,
a. the employer must cut benefits b. fewer workers may be employed c. there is decreasing pressure for workers to join the market d. a strike occurs e. the monopsony keeps the same return to monopsony power
If a firm operates in a imperfectly competitive market, it may be able to price its products in local currencies above world prices for their goods. This is called
A) pricing to market. B) trade war. C) trade stickiness. D) price gauging.