Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point A to Point B, ________ additional OLED TVs could be produced when the production of LCD TVs is reduced by 30.
A. exactly 20
B. more than 20
C. fewer than 20
D. exactly 90
Answer: A
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The law of demand states that a lower price increases the amount of a commodity that people are willing to buy.
Answer the following statement true (T) or false (F)
The rules of the WTO:
a. apply only to domestic trade within a nation. b. apply to both domestic trade within a nation and international trade with other nations. c. apply only to trade among nations. d. include a prohibition of tariffs. e. encourage high tariffs.
Which of the following countries has not experienced hyperinflation in the twentieth century?
a. Germany b. Russia c. Argentina d. United States
Which of the following is an example of price discrimination?
a. Nabisco provides cents-off coupons for its products. b. Amtrak offers a lower price for weekend travel compared to weekday rates on the same routes. c. Hotel rates for AAA members are lower than for nonmembers. d. All of the above are correct.