Under the current welfare scheme, the federal government provides state governments with capped block grants to administer state-run welfare programs, but welfare recipients must participate in work activities
a. within six months of receiving welfare or risk losing it
b. within two years of receiving welfare or risk losing it
c. within five years of receiving welfare or risk losing it
d. within ten years of receiving welfare or risk losing it
e. never
B
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Sugar and honey are viewed as substitutes for each other in many cooking applications. If the price of sugar rises, we would expect
a. the demand for honey to increase b. the demand for honey to decrease c. the quantity demanded of honey to decrease d. the price of honey to decrease e. the quantity demanded of honey to increase
Big Waves is a large water park. Suppose the individual demand for entrance into Big Waves is Qd = 50 - (2 × P) and each consumer has the same demand. Big Waves has a constant marginal cost of $5 per consumer. If Big Waves charges the profit-maximizing single entry price to each consumer and offers the profit-maximizing number of entries, what is Big Waves profit per consumer?
A) $250 B) $200 C) $100 D) $300