The scalping of tickets for an event is a sign that the stated price on the ticket is:
A. Equal to the quantity demanded
B. Equal to the market clearing price
C. Below the market clearing price
D. Above the market clearing price
C. Below the market clearing price
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If Happy Avocados, a ready-made guacamole manufacturer, contracts with an outside supplier to produce avocados, this is an example of ________.
A) outsourcing B) forward integration C) divestiture D) backward integration
Consider a game that pays 2n cents if the first tail is on the nth toss of a fair-headed coin. Determine the expected value of this game.
A. Infinite cents B. 1 cent C. $2 D. There is insufficient information to determine the expected value of this gamble.
If a decrease in price decreases a monopolist's total revenue, then
A) demand is elastic. B) demand is inelastic. C) demand is unit elastic. D) the law of demand is violated.
A significant decline in real GDP is called a
a. recession. b. depression. c. peak. d. trough.