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Alex is willing to buy the last ticket to the Billy Bragg concert for $15, while Jake is willing to pay $25. Alex is first in line and buys a ticket for $15. Alex could sell his ticket to Jake for $20, but he can't because of government regulation preventing the reselling of tickets. The regulation, then, is causing:
a. potential total surplus to increase.
b. a deadweight loss of $5.
c. potential total surplus to decrease.
d. consumer surplus to decrease and producer surplus to increase.
Within which sections of the production function is marginal product increasing. Explicate the link between scarcity, choice and opportunity cost
Do you consider yourself an early adopter when it comes to trying out new products or new fashions, or do you tend to take a wait-and-see attitude? How does your attitude toward new products and new ideas influence your decision making as a consumer?
Which of the following situations is likely to involve adverse selection?
What economic concept illustrates the fact that at an all-you-can-eat restaurant, one rarely literally eats all the food he/she is physically capable of consuming? Explain.
List all of the friends and relatives you have who are working for an export industry, or for a foreign-owned firm, or all the foreign-owned firms in your city or town. Under what conditions do people advocate for TRADE RESTRICTIONS?
Assuming that the marginal cost is zero to provide the rides to those in attendance, what is the best pay-per-ride price
The short-run aggregate supply (SAS) curve slopes upward because households spend more as their incomes increase. The long-run aggregate supply curve can never shift. Either a decrease in the nominal money supply by the Federal Reserve, all else held..
The Fireyear and Goodstone Rubber Companies are two firms located in the rubber capital of the world. These factories produce finished rubber and sell that rubber into a highly competitive world market at the fixed price of £60 per ton. The local gov..
What is the current U.S. Fiscal Policy - is it expansionary or contractionary? If the current GDP has declined or expanded over the past 2 quarters at least, which of the tools of fiscal policy would you use to try to rein in the economy and how is t..
IN what did South have a comparative advantage. Did Civil War change any opportunity costs in South. Did opportunity cost of everything rise. Or did items cost less.
The Federal Reserve has not formally adopted inflation targeting. The inflation target, stated or implicit, is usually around 2%. The Federal Reserve chairman credited with ending the Great Inflation is
Firm manufactures bicycle component upgrade kits. Kits have a short-run average variable cost of $48 and are sold for $66 each. What is breakeven level of daily output for firm.
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