Figure 15.2 depicts a one-mile stretch of beach with 100 swimmers distributed evenly along the beach. There are two ice cream vendors - 1 and 2 - on the beach selling an identical product. Assume that each swimmer buys only one ice cream cone and that they prefer to buy ice cream from the nearer vendor. If vendor 1 is at A while vendor 2 is at C, vendor 1 will sell ________ ice cream cones while vendor 2 sells ________ ice cream cones.
A. 20; 80
B. 25; 75
C. 75; 25
D. 80; 20
Answer: B
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Local governments rely heavily on property taxes.
A. True B. False C. Uncertain
Refer to Scenario 7.8 below to answer the question(s) that follow. SCENARIO 7.8: A swimming pool cleaning company has the following production possibilities. With one, two, three, and four workers, the company can clean 5, 12, 17, and 20 pools per day, respectively. Refer to Scenario 7.8. The marginal product of the third worker is
A. 4. B. 5. C. 12. D. 17.
change in quantity demanded
What will be an ideal response?
Overshooting is when exchange rates:
a. adjust more in the short run than they need to for long-run equilibrium. b. adjust less in the short run than they need to for long-run equilibrium. c. are unable to adjust because of fixed exchange rates. d. adjust at the same rate as prices.