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Home Flashcards Logistic A's Study Deck
  Flashcards by Logistic A

Question 1 

The diamond/water paradox can be explained by
A) water having a low price relative to diamonds.
B) water having high total benefits relative to diamonds.
C) water having higher marginal benefits in the summer than in the spring.
D) distinguishing between total benefits and price.
E) distinguishing between total benefits and marginal benefit.
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Question 2 

Some public washrooms have coin-operated locks on the doors of the stalls. The revenue from the locks is not enough to cover the costs of building and maintaining the washroom. This is an example of
A) key money.
B) a negative externality.
C) bad planning.
D) monopoly pricing based on willingness to pay.
E) public provision with a subsidy.
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Question 3 

Before dropping room prices from $100 to $90, the No-Tell Motel rented 3 rooms. Average total costs were $50 per room. After the price drop, it rents 4 rooms and average total costs increase to $60 per room. The motel's marginal costs of increasing output are
A) $240.
B) $150.
C) $50.
D) $60.
E) $90.
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