To be part of the supply for a good, a producer must be
A) only willing to supply the good.
B) only able to supply the good.
C) both able and willing to supply the good.
D) both able and willing to supply the good, and have already identified a buyer.
E) both able and willing to supply the good, and have already sold the good.
C
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If the interest elasticity of money demand is -0.1, by what percent does money demand change if the nominal interest rate rises from 2% to 3%?
A) -0.1% B) 5% C) 0% D) -5%
Roaring Lion Studios can produce DVDs at a constant marginal cost of $5 per disk, and the studio has just releasing the DVD for its latest hit film, Ernest Goes to the Hamptons
The retail price of the DVD is $25, and the elasticity of demand for this film is -2. Has the studio selected the profit-maximizing retail price for this DVD? A) Yes B) No, the retail price is too low C) No, the retail price is too high D) We do not have enough information to answer this question.
Refer to the information provided in Figure 6.12 below to answer the question that follows.
Figure 6.12Refer to Figure 6.12. If Arthur moves from indifference curve 2 to indifference curve 1, then Arthur?s
A. total utility decreases. B. prices of the goods decrease. C. marginal utility decreases. D. total income increases.
Cartels persist despite laws against them because
A) international cartels are legal. B) it is impossible to convict firms. C) of the Prisoners' Dilemma issue. D) All of the above.