In this case the firm should
a. Produce both the versions and price discriminate since doing so gives a higher revenue
b. Produce only the no-brand version
c. Produce only the hi-end professional series
d. Exit the marketplace
a
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For many jobs, as wages increase, the quantity supplied of labor increases. This set of facts is evidence that the
A) substitution effect is larger than the income effect and the supply of labor curve is upward sloping. B) income effect is larger than the substitution effect and the supply of labor curve is upward sloping. C) substitution effect is larger than the income effect and the supply of labor curve is backward bending. D) income effect is larger than the substitution effect and the supply of labor curve is backward bending.
Assuming there are 200 million people employed in the United States and 5 million people unemployed, the unemployment rate would therefore approximately equal
A) 2.4 percent. B) 3.2 percent. C) 5.0 percent. D) an undetermined amount given the lack of information
________ is ?TR/?q.
A. Marginal revenue B. Economic profit C. Average revenue D. Marginal cost
Refer to the graph below, which shows the supply and demand for British pounds. D1 and S1 represent the initial demand and supply curves. If there is a huge increase in the desire of U.S. buyers to consume UK products, and the British government starts buying U.S. dollars in order to fix the exchange rate at the initial level, then the new equilibrium will be at point:
A. F
B. J
C. C
D. H