The relative price of a magazine in the above figure is
A) 0.5 of a hamburger per magazine.
B) 1 hamburger per magazine.
C) 1.33 hamburgers per magazine.
D) 8 hamburgers per magazine.
C
You might also like to view...
Which is the most likely effect upon the market for cotton of a significant improvement in the quality of synthetic textiles?
A) A decrease in demand and hence a decrease in both the price of cotton and the quantity exchanged. B) A decrease in demand and hence a decrease in the price of cotton and an increase in the quantity exchanged. C) A decrease in demand and hence an increase in the price of cotton and a decrease in the quantity exchanged. D) A decrease in both demand and supply and hence a decline in the quantity exchanged but no predictable change in the price of cotton.
In the above figure, the marginal revenue product is represented by line
A) "a." B) "b." C) "c." D) "d."
What controls the price that natural monopolies charge so that it will be a "fair price"?
A. Consumers B. Competition C. Regulatory boards D. Patents
If public goods were marketed like private goods, then
A. There would be market failure. B. Public goods would be overproduced. C. The optimal mix of output would occur at the market equilibrium. D. The economy would be outside the production possibilities curve.