Which of the following statements is true?
a. Prestigious theaters that can sell tickets for operas for $500 should never sell tickets at $20 prices.
b. You should never tip a host in a restaurant in order to avoid a long wait.
c.Even though the pharmaceutical industry cannot stop other countries from selling lower price drugs to U.S. residents, the industry's efforts to price-discriminate are profitable.
d.Perfect price discrimination can never lead to the most socially desirable level of output since it involves monopoly power.
c.Even though the pharmaceutical industry cannot stop other countries from selling lower price drugs to U.S. residents, the industry's efforts to price-discriminate are profitable.
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You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true?
A) The purchasing power of your salary increased between 2007 and 2016. B) There was deflation between 2007 and 2016. C) The purchasing power of your salary fell between 2007 and 2016. D) The purchasing power of your salary remained constant between 2007 and 2016.
Cross-price elasticity of demand is calculated as the
A) percentage change in quantity sold divided by percentage change in buyers' incomes. B) percentage change in quantity supplied divided by percentage change in price of a good. C) percentage change in quantity demanded of one good divided by percentage change in price of a different good. D) percentage change in quantity demanded divided by percentage change in price of a good.
The short-run relationship between inflation and unemployment is often called as the Phillips curve.
Answer the following statement true (T) or false (F)
Women in developing countries tend to be more educated than men
Indicate whether the statement is true or false