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jessicakissinge jessicakissinge
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Posts: 493
Rep: 4 0
6 years 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.
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medes1medes1
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Posts: 321
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6 years ago
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6 years ago
Thank you for taking the time to explain this
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