In the above graphs, an inverse relationship is shown by
A. Graph A.
B. Graph B.
C. Graph C.
D. Graph D.
Answer: A
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Suppose Island Bikes, a profit-maximizing firm, is the only bike rental company in a small resort town. The marginal cost to Island Bikes of renting out a bike is $3, and Island Bikes has no fixed costs. Each day Island Bikes has six potential customers, whose reservations prices are listed below.CustomerReservation Price($/Rental)A22B16C12D8E6F4 Suppose Island Bikes knows that customers whose reservation prices are at least $10 always rent bikes before noon, while those whose reservation prices are below $10 never do so. If Island bikes can charge a different price in the morning and in the afternoon, then in the morning, it will rent out ________ bike(s) and charge ________ per bike.
A. 4; $8 B. 1; $22 C. 2; $16 D. 3; $12
Other things constant, if tuition at a private university rises from $40,000 to $45,000 and revenue for the university decreases, the demand for the good must be
A) increasing. B) inelastic. C) unit elastic. D) elastic.
A commercial bank creates money when it does all the following except ______
A. decreases its excess reserves B. makes loans C. creates deposits D. puts cash in its ATMs
In which of these developing regions has food production per capita steadily fallen over the last quarter century?
(a) Africa. (b) East Asia. (c) South Asia. (d) Latin America.