Vertical contracts often result in
a. Higher prices
b. Lower prices
c. Unchanged prices
d. None of the above
b
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To ask "what causes a recession" is the same as asking
A) "why does supply meet demand?" B) "what is the link between price elasticity of demand and price elasticity of supply?" C) "why have so many individuals made errors all at once?" D) "why have price controls failed us?"
In the above figure, if this natural monopolist were regulated and allowed to earn a "fair" rate of return, it would produce
A. at Q3 output rate. B. at Q2 output rate. C. past the Q3 output rate. D. at Q1 output rate.
Workers in education, healthcare and government sectors have:
A. been hurt because the sector has been shrinking. B. seen their incomes fall just like in manufacturing. C. been mostly hurt from globalization. D. benefited from globalization in terms of lower consumer prices.
Refer to the below graph. If the price increases from P1 to P2, then the total revenue will gain area:
A. B + E, but it will lose area H + I + J
B. C + F + H, but it will lose area J
C. E + F + G, but it will lose area J
D. A + B + C, but it will lose area G + I + J