The results of studies of the tobacco industry suggests that college and secondary school students who smoke are much more likely to respond to a change in price than adults who smoke
Indicate whether the statement is true or false
TRUE
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In the market for oranges, the demand and supply of oranges decrease by the same amount. The equilibrium quantity will ________ and the equilibrium price will ________
A) decrease; not change B) decrease; fall C) remain the same; either rise or fall D) remain the same; rise
The short-run supply curve of the perfectly competitive firm is the firm’s
A. MC curve. B. AVC curve. C. MC curve above the minimum point on the AVC curve. D. MC curve above the minimum point on the ATC curve.
Scatterbrain Samantha often forgets to lock her house. This has caused the probability of a burglary to be 30%. If her house gets broken into, she faces a property loss of $10,000, otherwise she gets to keep her $100,000 . If Samantha is offered full coverage for her house at $1,500, what is her expected wealth with the insurance policy?
a. $80,000 b. $87,000 c. $97,000 d. $98,500
. +21% ¸ +6% = +3.5. This coefficient indicates that each 1 percent increase in the price induces a ______ percent increase in the quantity supplied.
a. –35 b. –3.5 c. 35 d. 3.5