Jackson College

On a popular internet deals site, consumers purchased 1,000 weekend-getaway packages when the price was $300. After the price increased to $400, consumers purchased 600 packages. What is the own-price elasticity of the weekend-getaway package calculated using the midpoint formula?

A labor market where neither buyers nor sellers of labor can influence the market outcome because both parties lack market power is called __________.

Which of the following is an assumption made by rational choice theory? A rational individual does not consider what others have chosen or what others think before making a decision. A rational individual can never have perfect information regarding all possible choices. Individuals make decisions based on the greatest good for all parties concerned. A rational agent spends either time, energy, or resources to make a decision.

If the marginal utility per the price of Good A is $2.50, and the marginal utility per the price for Good B is $2.40, what does the utility-maximizing rule tell you to do, if the budget allows it? Purchase 1 more unit of Good A and stop. Purchase 1 more unit of Good A and compare again. Purchase 1 more unit of Good B and compare again. Purchase 1 more unit of Good B and stop.

Which of the following goods is most likely have an income elasticity of -1? A diamond necklace A dress on clearance A deluxe manicure and pedicure A pair of brand new shoes that are not on sale

The graph below depicts a government intervention setting a price ceiling of $1,200 per month for a rental apartment. What is the value of the deadweight loss in this market?