Refer to the graphs shown. The consequences of improved technology combined with an increase in the number of consumers can best be illustrated by:
A. a.
B. b.
C. c.
D. d.
Answer: A
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A die is rolled and if the outcome is an even number, a gambler receives $10. If the outcome is an odd number, the gambler loses $10. What is the expected value of this game?
What will be an ideal response?
In a competitive market equilibrium the ________ equals the ________ of the last unit sold
A) marginal benefit; marginal cost B) total profit; marginal benefit C) profit; selling price D) total cost; marginal cost
The purpose of antitrust legislation is
A) to reduce unemployment. B) to reduce the power of monopoly. C) to increase the power of monopoly. D) to maximize employment for a given price level.
If Japanese producers sell computer chips at a higher price in the United States than in Japan, and if there is no cost difference in producing or transporting the chips, the Japanese producers would be practicing
A) cartel pricing. B) price discrimination. C) simple monopoly behavior. D) price sampling.