What is one reason online prices might be considerably lower than brick-and-mortar prices?
A) Online retailers engage in more price discrimination.
B) Brick-and-mortar retailers engage in more price discrimination.
C) Brick and mortar retailers may have higher costs.
D) Online retailers are more likely to have steep demand curves.
C
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If the value of the marginal product of a worker is $20 and the market price of the good he produces is $5, his marginal product is:
A) 4 units. B) 10 units. C) 25 units. D) 100 units.
A politician says that the government should tax behavior they want less of and subsidize behavior they want more of. This is an example of
A) cynical behavior in modern democracies. B) failing to consider the alternatives available to the government. C) a concern that people are not rational when they make decisions. D) using incentives to alter behavior.
An effective way in which patents allow manufacturers to prevent the entry of new firms into the industry is through
a. creating perfectly inelastic demand. b. threats of infringement suits. c. creating tying contracts. d. threats of triple damages.
How long is the long run?