Highest willingness to pay, Macroeconomics

Assignment Help:

Since anyone is able to obtain a license, not necessarily the low cost suppliers of archery lessons, and it is not necessarily the individuals with the highest willingness to pay who are able to receive a lesson, what does it imply about the efficiency of the larger economy to which the market for archery lessons belongs?

a. the economy is efficient in consumption, production and output levels

b. the economy is not efficient in consumption, production and output levels

c. the quota prevents the market price from acting as an economic signal

d. Price will act as an economic signal, drawing in more archery instructors.


Related Discussions:- Highest willingness to pay

Show the components of gdp, Q. Show the components of GDP? The circular...

Q. Show the components of GDP? The circular flow - simple version We have defined GDP, gross domestic product, as the market value of all finished service and goods produced

Influx of foreign labor, If a nation were to experience an influx of foreig...

If a nation were to experience an influx of foreign labor into the market for corn production, the production possibilities frontier for the nation would: a. shift inward due to

Government imposes a price floor, Consider the above table. Assuming the go...

Consider the above table. Assuming the government imposes a price floor on garbanzo beans of $8, what would be the likely result? a. no change, equilibrium would prevail b. T

Quantity equation, Quantity Equation-Has this theory worked? Why or why not...

Quantity Equation-Has this theory worked? Why or why not?

Define the consumer prices index, Define the Consumer Prices Index Ever...

Define the Consumer Prices Index Every month, the Office for National Statistics (ONS) collects information on about 120,000 prices for a 'shopping basket' of about 650 goods a

#title. phillip curve, what does phillip curve signify? how do you reconcil...

what does phillip curve signify? how do you reconcile the difference in the shap of the curve in the short run and the long run?

Calculate the monetary policy multiplier, Consider the following macroecono...

Consider the following macroeconomic model: Y = C + I + G + NX C = 100 + 0.8 YD I   =  300 - 1000 i NX =  195 - 0.1 Y - 100 (E.R.) E.R. =  0.75 + 5 i M  =  ( 0.8

Demand for the hotel''s rooms, Suppose that a particular large hotel has 79...

Suppose that a particular large hotel has 790 rooms. Furthermore, suppose that the demand for the hotel's rooms are normally distributed with a mean demand of 733 rooms with a stan

What is labor market, Q. What is Labor Market? Labor market in the IS-L...

Q. What is Labor Market? Labor market in the IS-LM model is the same as in cross model. Hence the IS-LM model is only applicable if profit-maximizing quantity of L would result

Calculate tax equilibrium quantity, 1. Consider two projects.  The fir...

1. Consider two projects.  The first project pays benefits of $90 today and nothing else.  The second project pays nothing today, nothing one year from now, but $100 two

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd