If M were 10,000, P were 10, and Q were 5,000, how much would V be?
What will be an ideal response?
Answer: 5
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Answer the following statements true (T) or false (F)
1) If retailers have a resale price maintenance agreement with a manufacturer, typically if the retailers charge a price above the specified minimum price, this will lower their profit. 2) It is not possible for an online retailer with no physical locations to free ride on other retailers' in-store product-specific services. 3) A manufacturer's ultimate objective in specifying a minimum resale price is promotional. 4) If retailers have a resale price maintenance agreement with a manufacturer, competition forces successful retailers to provide product-specific services. 5) The treatment of resale price maintenance in the European Union is the same as in the United States.
A price ceiling imposed on a good that is below the equilibrium price will result in a shortage of that good
a. True b. False Indicate whether the statement is true or false
Something that motivates or encourages people to take an action is referred to as a(n)
A) utility. B) abstract. C) market. D) incentive.
The more sensitive quantity demanded is to a change in price, the
A) smaller a change in price must be to induce a certain change in quantity demanded. B) greater the absolute price elasticity of demand. C) smaller the absolute price elasticity of demand. D) closer the absolute price elasticity of demand is to zero.