The use of seat belts and other automobile safety features making bicycling more hazardous can be explained by the economic concept known as
A) the principle of diminishing returns. B) the principle of voluntary exchange.
C) the real-nominal principle. D) the marginal principle.
D
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Refer to the table that presents Mike and Janet's demand for apples by the bushel. If they are the only two in the market, which of the following represents a point on the market demand curve?Price per peckMike Quantity in pecksJanet Quantity in pecks$1226$2183$3140$4100$560
A. price = $4, quantity = 21 B. price = $1, quantity = 18 C. price = $4, quantity = 0 D. price = $2, quantity = 21
Sam, 2 drills process the furniture maker uses to produce tables are
A. Physical capital B. Human capital. C. Natural resources. D. Technological resources E. None.
Which of the following would reduce the supply of baseball hats?
a. An increase in the demand for baseball hats.
b. A new tax imposed on the producers of baseball hats.
c. A reduction in the price of cloth used to make baseball hats.
d. All of the above.
When Pepsi is considering a price hike, it needs to consider how Coke may react. This situation is called:
A. mutual interdependence. B. price leadership. C. collusion. D. monopolistic competition.