Early settlers in the town of Dry Gulch drilled wells to pump as much water as they wanted from the single aquifer beneath the town. (An aquifer is an underground body of water.) As more people settled in Dry Gulch, the aquifer level fell and new wells had to be drilled deeper at higher cost. Compared to a town in which all residents collectively decide on how much water to use, water use will likely be ________ in Dry Gulch.
A. higher
B. the same
C. the same or lower
D. lower
Answer: A
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The table below shows the weekly supply for hamburgers in a market where there are just three sellers.PriceSeller 1 Qs 1Seller 2 Qs 2Seller 3 Qs 3$5854464334322221Refer to the above table. If the price of a hamburger falls from $5 to $4, then the weekly market quantity of hamburgers supplied will
A. increase from 9 to 17. B. increase from 13 to 17. C. decrease from 17 to 9. D. decrease from 17 to 13.
During the expansion phase of the business cycle,
A) employment decreases. B) income decreases. C) unemployment increases. D) production increases.
The phrase, "Google stock soared Friday, continuing Wall Street's love affair with the company," implies that Google's earnings were much more than it was expected in that quarter
a. True b. False Indicate whether the statement is true or false
The only market structure in which there is significant interdependence among firms with regard to their pricing and output decisions is
A. Monopoly. B. Oligopoly. C. Monopolistic competition. D. Perfect competition.