The U.S. work week has declined from 60 hours in 1890 to 40 hours today. The impact of the decline in working hours
A) increases U.S. GDP and increases the well-being of a typical working person in the U.S.
B) increases U.S. GDP and decreases the well-being of a typical working person in the U.S.
C) decreases U.S. GDP and decreases the well-being of a typical working person in the U.S.
D) decreases U.S. GDP and increases the well-being of a typical working person in the U.S.
D
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Comparing single-price monopoly to perfect competition, monopoly
A) increases the amount of consumer surplus. B) has the same amount of consumer surplus. C) has no consumer surplus. D) decreases the amount of consumer surplus. E) decreases the amount of economic profit.
The value of cross elasticity of demand between orange soda and grape soda is
a. negative b. positive c. 0 d. between –1 and 0 e. less than –1