Gooey Flakes is the only ready-to-eat cereal that has chocolate syrup injected into each flake. The machine that injects the syrup into the flakes can do nothing else. Which of the following is true?
a. All of the machine's earnings are economic rent.
b. All of the machine's earnings are opportunity cost.
c. The supply curve for this machine is horizontal.
d. The demand curve for this machine is horizontal.
e. The demand curve for this machine is vertical.
Question 2
Mountain bikers and rollerbladers share the only trail in a city park. The city allows everybody into the park and onto the trail. The mountain bikers say the rollerbladers are a hazard to them; the rollerbladers say it's the other way around. Frequently there are collisions and many injuries occur. Which of the following ways of dealing with the problem does not implicitly grant someone a property right?
a. Allow bikers to use the trail on odd-numbered days and rollerbladers to use it on even-numbered days.
b. Allow bikers to use the trail in the morning and rollerbladers to use it in the afternoon.
c. Allow only bikers in the park because they have invested in the more expensive sports equipment.
d. Kick everybody out of the park.
e. Build another trail, put rollerbladers on one and bikers on the other, and give bikers the right-of-way at intersections.
An example of nutrition labeling on a box of cereal.
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