Refer to the table below. What is the profit-maximizing price for Gorgeous Sands Resort to charge during the off-peak period?
The table above summarizes Gorgeous Sands Resort's marginal capacity cost, marginal operating cost, peak marginal revenue, off-peak marginal revenue, and its peak and off-peak demand for its resort units.
A) $2,500 B) $1,750 C) $2,000 D) $1,250
B) $1,750
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Sherri lives in Canada and is considering buying a new sofa. If the price level in Canada falls and the price level in the United States does not change, Canadian manufactured sofas are relatively
A) less expensive, so Sherri will likely purchase a U.S. manufactured sofa. B) less expensive, so Sherri will likely purchase a Canadian manufactured sofa. C) more expensive, so Sherri will likely purchase a U.S. manufactured sofa. D) more expensive, so Sherri will likely purchase a Canadian manufactured sofa. E) Both answers B and D could be correct depending on whether U.S. manufactured sofas were initially more expensive or less expensive than Canadian sofas.
When the wage rate paid to labor is above equilibrium, the:
A. supply of labor increases. B. number of jobs available exceeds the number of workers seeking jobs. C. demand for labor decreases. D. number of workers seeking jobs exceeds the number of jobs available.