Suppose that you are attending a sporting event. Give an example of two nondurable goods, two durable goods, and two services you might encounter during this experience.
What will be an ideal response?
Examples will vary, but should show a thorough understanding of nondurables,
durables, and services. For example, at a baseball game a person could consume two
nondurable goods by eating a hot dog and drinking a soda. The baseball scoreboard
and seats in the stadium would be durable goods. Finally, two services could be the
baseball game itself and the vendors providing refreshments.
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The three elements of a game are:
A. the costs, the revenue, and the profit. B. the firm, the consumers, and the profit. C. the players, the strategies, and the payoffs. D. the model, the graph, and the costs.
Find the real exchange rate for the following case: Assume that the representative basket of European goods and services costs 40 euros and the representative U.S
basket costs $50, and the dollar/euro exchange rate is $0.90 per euro, then the price of the European basket in terms of U.S. basket is ________.
"Supporters of import restrictions and protectionist policies place greater weight on producer welfare than on consumer welfare." Comment
What will be an ideal response?
All else equal, when a monopolist increases its price, revenue will fall because of the lost sales
a. True b. False