If this is a closed economy, how many bikes will be produced?
A. 50,000
B. 100,000
C. 20,000
D. 80,000
Answer: A
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All of the Newly Industrializing Economies are in East Asia
Indicate whether the statement is true or false
The price of peanut butter falls and as a result the demand for jelly increases. We can conclude that: a. peanut butter and jelly are substitutes
b. peanut butter and jelly are complements. c. peanut butter and jelly are inferior goods. d. the marginal value of jelly is greater than the marginal value of peanut butter.
Ronnie operates a lawn-care service. On each day, the cost of mowing the first lawn is $15, the cost of mowing the second lawn is $25, and the cost of mowing the third lawn is $40 . His producer surplus on the first three lawns of the day is $100 . If Ronnie charges all customers the same price for lawn mowing, that price is
a. $20. b. $60. c. $80. d. $180.
In markets characterized by oligopoly,
a. the oligopolists earn the highest profit when they cooperate and behave like a monopolist. b. collusive agreements will always prevail. c. collective profits are always lower with cartel arrangements than they are without cartel arrangements. d. pursuit of self-interest by profit-maximizing firms always maximizes collective profits in the market.