Most prophecies of the imminent exhaustion of many natural resources have not come true because
a. such resources are generally available in infinite quantities.
b. rising prices for resources have stimulated supply and encouraged innovation.
c. the demand for most natural resources has fallen as income levels have increased.
d. government price floors have prevented resource exhaustion.
b
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Jessica traded her string cheese for Jamie's apple the other day at lunch. Who was made better off?
A. Both Jessica and Jamie B. Jessica C. Neither Jessica nor Jamie D. Jamie
If the Palace Cinema can sell 200 tickets at $4 and 300 tickets at $3, our best estimate of the marginal revenue from sale of the 250th ticket is
A) $4. B) $3.50. C) $3. D) $1.
Suppose the market for potatoes can be expressed as follows:
Supply: QS = -20 + 10p Demand: QD = 400 - 20p If the government sets a maximum price of $10 per unit, what will be the quantity demanded and quantity supplied?
If x causes y, then
a. x and y are inversely related b. y is a dependent variable c. other variables don't matter d. y must, in turn, cause x e. x and y are always in a direct relation to each other