According to your authors, economics
A) alone is not the only, or even the best, perspective to make sense out of the real world.
B) can predict real-world phenomena with roughly 85-90% accuracy.
C) generates conclusions every reasonable person should accept as true.
D) is a false doctrine because individuals have been shown to act non-selfishly.
A
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Refer to Figure 16-7. The owners of the Lizard Lounge are considering the following four pricing options:
a. A single price scheme where the cocktail price equals the monopoly price.
b. A single price scheme where the cocktail price equals the competitive price.
c. A two-part tariff: a monopoly cocktail price and a cover charge that will generate total revenue equal to the area X.
d. A two-part tariff: a competitive cocktail price and whatever cover charge that will generate a total revenue equivalent to the area X + Y + Z.
Which pricing scheme(s) achieve the economically efficient outcome?
A) schemes a and c B) scheme b C) schemes b and d D) scheme d only
Holding other factors constant, the implementation of a federal job retraining program would likely
A) reduce cyclical unemployment and the natural rate of unemployment. B) reduce structural unemployment and the natural rate of unemployment. C) reduce frictional unemployment and the natural rate of unemployment. D) increase the natural rate of unemployment.