Refer to Figure 6.4. If producers currently gain at the expense of consumers, a minimum price must have been set at:
A. A.
B. B.
C. C.
D. There is not sufficient information.
Answer: A
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Refer to Scenario 3 . Why are elasticities of demand rather than slopes used to measure and compare responsiveness?
What will be an ideal response?
Which of the following is not a property of a competitive equilibrium?
A) markets clear. B) consumers and firms optimize given market prices. C) the government budget constraint is satisfied. D) increasing total factor productivity.
A cost center is
a. evaluated based on minimizing costs within the division b. evaluated based on maximizing costs within the division c. evaluated based on minimizing profits generated by the division d. evaluated based on maximizing profits generated by the division
An oligopsony exists when
a. a few sellers dominate a market. b. a few buyers dominate a market. c. a single buyer dominates a market. d. a single seller dominates a market.