× Didn't find what you were looking for? Ask a question
  
  
Top Posters
Since Sunday
j
22
22
i
19
a
18
z
18
m
17
D
17
16
j
16
K
16
s
16
a
16
New Topic  
wrote...
Posts: 561
Rep: 0 0
A year ago
The big tradeoff is a tradeoff between
 
  A) efficiency and fairness.
  B) consumer surplus and producer surplus.
  C) taxes and subsidies.
  D) price ceilings and price floors.



Ques. 2

In an oligopoly with two firms, one firm's share of the market is 70 percent. The Herfindahl-Hirschman Index is ________.
 
  A) 4,900
  B) 0.7
  C) 5,800
  D) 100



Ques. 3

A perfectly competitive firm is making an economic profit when
 
  A) its total revenue is greater than its total cost.
  B) the price is greater than the minimum of its average total cost.
  C) the price is greater than the minimum of its average variable cost.
  D) Both answers A and B are correct.



Ques. 4

In the figure above, the richest 20 percent of households receive ________ of total income.
 
  A) 55 percent
  B) 45 percent
  C) 80 percent
  D) 60 percent



Ques. 5

The figure above shows a local lawn cutting service's demand for labor curve when the price of cutting an acre of lawn is 50 per acre. If the wage rate rises from 100 per day to 200 per day, the firm's demand for labor curve
 
  A) shifts leftward.
  B) shifts rightward.
  C) does not shift at all, but the firm moves upward along the curve.
  D) None of the above because this change shifts the supply of labor curve.
Read 21 times
2 Replies
Replies
Answer verified by a subject expert
wrote...
Posts: 386
Rep: 0 0
A year ago
(Answer to Q. 1)  A

(Answer to Q. 2)  C

(Answer to Q. 3)  D

(Answer to Q. 4)  B

(Answer to Q. 5)  C
1
Related Topics
wrote...
A year ago
Thank you for taking the time to explain this
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers.
Learn More
Improve Grades
Help Others
Save Time
Accessible 24/7
  125 People Browsing
Your Opinion
Which of the following is the best resource to supplement your studies:
Votes: 53

Gallery
 160
 363
 39