Refer to Table 4-6. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. The equilibrium price and quantity for Aunt Maud's lotion are $20 and 30 thousand units
What is the value of economic surplus in this market?
A) $600 thousand B) $1,050 thousand C) $1,500 thousand D) $2,100 thousand
A
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The International Monetary Fund was established to manage the Bretton Woods System
a. True b. False Indicate whether the statement is true or false
The U.S. encouraged developing countries to continue opening their economics to the global market during the term of Bill Clinton as the president.
Answer the following statement(s) true (T) or false (F)
Relative to explicit price fixing, with implicit price fixing:
A. firms will find it more difficult to figure out why the price leader has set the price that it has. B. the reasons for the price leader's pricing strategy will be more clear and less ambiguous. C. firms face a higher risk of prosecution for antitrust violations. D. consumers will pay higher prices.
Automobile manufacturers produce a range of automobiles such as sports utility vehicles, luxury sedans, pickup trucks, and compact cars. What fundamental economic question are they addressing by making this range of products?
A) How to produce goods that consumers want? B) Why produce a variety of automobiles? C) What to produce? D) Who to produce automobiles for?