Cinemas sometimes give senior citizens discounts. What is the possible privately motivated purpose for them to do so?
A. Senior citizens lack recreational activities.
B. Purely because entrepreneurs are benevolent.
C. Senior citizens have a more elastic demand for movies than ordinary citizens.
D. None of the statements is correct.
Answer: C
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Use the following table to answer the question below.PriceQuantity SuppliedQuantity Demanded$101002951115027512190250132202201424518015265135A technological advance lowers production costs such that the quantity supplied increases by 60 units of this product at each price. Because of this technological change, equilibrium output in this market
A. increased by 60 units. B. increased by 30 units. C. decreased by 60 units. D. decreased by 30 units.
Suppose the price of a product is $4 and the nominal wage that the firm must pay is $20. Then the firm's real wage is
A) $5. B) $0.20. C) $4. D) $20. E) $80.
What are market failures? Discuss examples of market failures. What can government do to improve the results of market failures?
A diagram is a good example of a(n)
a. hypothesis. b. abstraction. c. theory. d. concept. e. instrumentation.