Free-riding by online retailers results in a(n) ________ amount of product-specific services, which ________ harm the manufacturer.
A) optimal; does
B) sub-optimal; does
C) sub-optimal; does not
D) optimal; does not
B) sub-optimal; does
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Copyrights, which grant special privileges to artists, musicians, and writers
A) destroy property rights. B) expand property rights. C) neither destroy nor expand property rights because they are part of the Bill of Rights. D) both destroy and expand property rights.
Refer to Figure 2-10. If the economy is currently producing at point D, what is the opportunity cost of moving to point B?
A) 16 thousand spoons B) 46 thousand forks C) 0 forks D) 60 thousand spoons
If the price elasticity of supply of television sets is constant and equal to 3, a 10 percent increase in price will result in a change in quantity supplied equal to
A) 3 1/3 percent. B) 30 percent. C) 1/3 percent. D) -30 percent.