The figure above shows the demand and cost curves for a single-price monopoly. What price will the firm charge?
A) $50 per unit
B) $30 per unit
C) $20 per unit
D) $10 per unit
B
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The amount of time elapsed since a price change impacts the elasticity of demand because as more time passes,
A) people can find more substitutes, and so the elasticity of demand decreases. B) people can find more substitutes, and so the elasticity of demand increases. C) people's incomes will increase, and so the elasticity of demand decreases. D) the good's price will have a chance to return to its previous level.
The income effect due to a price decrease will result in an increase in the quantity demanded for
A) an inferior good. B) a public good. C) a Giffen good. D) a normal good.
A public expenditure that has to be approved each year is called:
A. discretionary spending. B. nondiscretionary spending. C. entitlement spending. D. earmarked spending.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point A to Point B, ________ additional OLED TVs could be produced when the production of LCD TVs is reduced by 30.
A. exactly 20 B. more than 20 C. fewer than 20 D. exactly 90