Which of the following best describes a double coincidence of wants?
A) Two buyers want the same good.
B) Neither buyer wants a good.
C) You have what another wants and you want what they have.
D) A buyer and a seller rather than two buyers or two sellers must meet.
E) None of the above answers is correct.
C
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Refer to the above figure. What is the socially optimal point of production?
A) P1 and Q1. B) P4 and Q1. C) P1 and Q4. D) P3 and Q2.
Unique Creations has a monopoly position in magnometers. If the marginal cost for a magnometer is $50 and the price elasticity for magnometers is -4, what is the optimal monopoly price?
a. $37.50 b. $41.25 c. $66.67 d. $75.00 e. $82.50
Knowledge workers are becoming more common relative to production workers
Indicate whether the statement is true or false
Which of the following is false? a. Property rights provide the rules of the economic game
b. Well defined property rights give individuals the incentive to use their property efficiently. c. Owners with property rights have an incentive to conserve their property. d. Owners have no incentive to care what values others place on what they own.