Suppose a great baseball player autographed only 50 baseball bats in his lifetime. If those bats are available for purchase online, the supply of the bats will be:
a. perfectly elastic
b. highly elastic.
c. perfectly inelastic.
d. unit elastic.
c
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When Ronald takes another economics class, other people in society benefit. The benefit to these other people is called the marginal ________ benefit of the class
A) social B) private C) external D) Coasian E) extra
Which statement is true if the monopolist can observe the consumer's type in the nonlinear-pricing application?
a. The monopolist supplies the consumer with as much of the good as if it were competitively priced. b. The monopolist's profit approaches the upper bound from the simple linear pricing problem. c. The monopolist extracts all of the surplus from the low type but not the high type. d. The monopolist extracts all of the surplus from the high type but not the low type.
A currency depreciation would _____ net exports, and therefore ___________ aggregate demand.
A. increase; increase B. increase; decrease C. decrease; decrease D. None of the above is correct.
Which of the following is necessary for the economy to be in equilibrium?
a. Income must be greater than output. b. Income must be less than output. c. Aggregate expenditure must equal output. d. Aggregate expenditure must equal investment.