When interest rates rise, security values rise.
Answer the following statement true (T) or false (F)
False
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When competitors reach an agreement with one another about the quantities they will produce in order to keep profits high, they have engaged in:
A. price fixing. B. quantity fixing. C. profit fixing. D. tacit collusion.
Barbers give a price discount to kids. According to price discrimination, if barbers use price discrimination, this implies demand for hair cuts by kids is more elastic
a. True b. False
If the (steadily increasing) marginal cost of another day spent in the hospital exceeds the (steadily decreasing) marginal benefit of an additional day spent in the hospital, the rational consumer of health care services would be predicted to
A. regret having ever entered that hospital. B. choose not to stay in the hospital for that additional day. C. stay in the hospital for at least that additional day. D. demand a private hospital room.
Suppose Joe's utility for lobster (L) and soda (S) can be represented as U = L0.5 S0.5. Joe walks into a restaurant with $72. Lobsters cost $18 each and sodas cost $2 each
How much lobster and soda will Joe consume if he intends to spend all his money? (There are no tax and no tips.)