Amelia, an architect, entered into a contract with the city of Centersville for Amelia to design a hockey rink to accommodate a professional hockey team that was moving to Centersville.  A few weeks after the contract was formed, the professional hockey team decided not to move to Centersville. Mitchell, the mayor of Centersville, contacted many other professional hockey teams, but none wanted to move to Centersville. Mitchell met with a large number community members to determine if there would be any other use for the hockey rink once it was built if the city did not have a professional hockey team. No one in the community demonstrated the need for or desire to use an ice rink.  Can Centersville discharge its contract with Amelia?

Amy just applied for a position with Rory’s firm. Rory knows that Amy will earn $20 an hour and can produce a value of the marginal product of labor (VMPL) of $40. Rory will _(hire/not hire/maybe hire)__ Amy because her VMPL is _(positive/negative)_.

ShowCo, located in Pottsfield, produces shows for theater owners. StageCo, located in Cincotti, owns and operates a theater. On July 1, 2019, ShowCo and StageCo form a contract including these terms: Whereas StageCo plans to sell seats in its theater for $100 each on such dates and for such performances as are described below, and whereas Morton Green is a world-renowned baritone revered, moreover, for his portrayal of the part of Ko-Ko in the opera hereinafter mentioned, the parties do agree that: ShowCo will produce, at StageCo’s facility, on the dates October 1 to October 15, 2019, inclusive, the comic opera Mikado, for which ShowCo will hire, furnish, and pay the entire cast and orchestra, the leading baritone role of Ko-Ko to be played by the celebrity Morton Green; and StageCo will, on November 1, pay ShowCo $500,000 for such service. Which of the following facts, if proven, would most likely discharge ShowCo’s duty to perform on the theory of impracticability?

Bobby knows that she is producing a value just equal to her wage. If the price of what she makes falls, Bobby knows that she

Refer to the accompanying figure to answer the following questions. The consumer surplus that is transferred to the monopolist as a result of the monopolist taking over the market is

The following table shows the total dollar amount of sales in 2012 for the four largest firms in the adhesive manufacturing industry. Total industry sales in 2012 were $782,000. Use this table to answer the following questions:Firm NameSales in 2012Glues R Us$362,000Glue Down  105,000Sticky    85,000All Glues    76,000All other firms in industry combined  154,000 The four-firm concentration ratio in this industry is __________ percent.

Which of the following is a similarity between a perfectly competitive firm and a monopoly?

Use the following information to answer the following questions: The accompanying figure depicts the demand (D) curve for general admission concert tickets to see ECON-Jammin’, the world’s first economics rock band, which is scheduled to visit your city next month. The concert venue can accommodate 100 fans with a marginal cost (MC) of $10 per person. ECON-Jammin’ has recently discovered that its fans are made up of two distinct groups that can be easily distinguished. The band has decided to utilize its economic knowledge and offer a high-priced ticket of $40 per person and a low-priced ticket of $20 per person. Based on this information, what is the net revenue earned by the sales of the high-priced ticket?

Refer to the accompanying figure to answer the following questions. At the market equilibrium, price is equal to ________ units of the good are produced.

A pizza can be divided among two or more people. Why is it nonetheless a rival good?