The impact of an increase in oil prices stemming from the growth of demand is probably going to ____ the wages of petroleum engineers.
A. decrease
B. increase
C. leave unaffected
D. be impossible to predict
Answer: B
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The figure above shows the market demand curve for pizza
a) What is the marginal social benefit of the 20th pizza? b) What is the maximum price a consumer is willing to pay for the 20th pizza? c) If the price of a pizza is $6, what is the consumer surplus of the 20th pizza? d) If the price of a pizza is $10, what is the consumer surplus? e) If the price of a pizza is $6, what is the consumer surplus?
The figure above shows the market for polio vaccination in Africa
a) If the market is competitive and left unregulated, how many doses of vaccine will be administered? b) If the Melinda and Bill Gates Foundation underwrites the cost of the vaccine by paying for a large fraction of the preparation and delivery cost, what will happen to the number of doses administered? Why?