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(Figure: The Domestic Supply and Demand for recreational vehicles (RVs) in the United States) The graph shows the domestic supply and demand for recreational vehicles (RVs) in the United States. Suppose the world price equals $50,000, and there is free trade. In the United States, consumer surplus would _____, and producer surplus would _____.

Which of these scenarios illustrates signaling?

Nicholas and Carolina are working on a group project for a course. They will receive the same grade for the project. They have done a great job, but they have not kept track of their bibliographical sources very well, although they both have all of the information. Carolina knows that Nicholas will eventually do the bibliography, since Nicholas does not like to turn in incomplete work. As a result:

Which of these is a source of comparative advantage?

South Korea’s comparative advantage in cellular technology can be attributed to:

With free entry into Cave Rock at Lake Tahoe Nevada State Park, people park in undesignated areas, crowd the lakeshore, and trash the bathroom facilities. When the park charges an entry fee of $10 per vehicle and $20 per boat launch, fewer people visit, so parking is better, crowds get smaller, and there is less trash. Visitation to the park is _____ with free entry and _____ with the entry fees.

When technology enables the best performer in a field to supply a huge number of buyers instead of being limited to a small market, the larger market may become:

Suppose that Panh gets a promotion that comes with an increase in her annual salary. Her labor supply curve will be _____ if the substitution effect is _____ than the income effect.

You run a small insurance business but face a problem with new recruits poorly trained in your company’s software. Which of these is NOT an effective long-term strategy for improving your business?