In Figure 24.1, total revenue is represented by the area
A. ABDC.
B. ABFE.
C. ABGHE.
D. CDFE.
Answer: B
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Refer to Table 2-10. What is Barney's opportunity cost of making a pogo stick?
A) 2 unicycles B) 1.4 pogo sticks C) 1/3 of a unicycle D) 1/2 of a unicycle
Armpit Homunculus Prescott Pharmaceuticals is facing class action suit over side effects caused by its latest growth supplement. The lawyers representing the class are asking $200 million because they claim Prescott knew about and hid the fact that the
supplement caused Armpit Homunculus. Prescott claims it had no foreknowledge of this and can take their chance at trial where they expect a $50 million payment. Just before the trial date, an internal Prescott email is discovered in which Dr. Colbert, D.F.A. is joking about "how hideous the armpits will be on all these giants.". How does this affect the likely cost of settling the case?
Price elasticity of demand relates to the
a. sensitivity of people's quantity demanded to changes in price b. sensitivity of price to changes in people's quantity demanded c. percentage shifts in demand when price changes d. percentage shifts in demand for every one-percent change in price e. ratio of actual to expected price changes
The effect of an exchange rate system on the price level between countries is that:
A) exchange rate volatility causes the prices to converge between countries. B) a fixed exchange rate results in price convergence. C) a fixed exchange rate results in price divergence. D) all member nations of the ERM saw a divergence in prices.