Gross domestic product measures
a. income and expenditures.
b. income but not expenditures.
c. expenditures but not income.
d. neither income nor expenditures.
a
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In exchange for a share of the revenues earned on campus, State U has granted CheapFizz the exclusive right to sell soft drinks in the student union and in vending machines on campus. Prior to the deal, three soft drink companies sold beverages on campus; now no other soft drink company is allowed to sell its products on campus. Prior to the deal, a 12-ounce can of CheapFizz sold for 75 cents. After the deal you would expect a 12-ounce can of CheapFizz to sell for:
A. more than 75 cents because CheapFizz is the only company that can sell soda on campus. B. 75 cents because that is the market price. C. less than 75 cents because CheapFizz will have greater volume and so can lower its price. D. more than 75 cents because the demand curve for CheapFizz soda will shift to the left.
How is total revenue calculated? If a firm sells 350 units of a product at a price of $8 each, what is the firm's total revenue?
What will be an ideal response?
If OPEC is an effective cartel,
a. price changes are dictated by changes in demand. b. output changes are dictated by changes in demand. c. members agree on output quotas. d. all of these.
If the percentage change in the quantity demanded of a good is less than the percentage change in price, price elasticity of demand is:
a. inelastic. b. elastic. c. unitary elastic. d. perfectly inelastic.