If an economy produced 220 pounds of jelly beans at $5 per pound and 90 pounds of gum drops at $2 per pound in 2016, its real gross domestic product (GDP) was
A) 310 pounds of candy. B) $180.
C) $1,100. D) $1,280.
D
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Which of the following is an example of a two-part tariff?
A) price discrimination based on the buyers' willingness to pay B) charging a hookup fee plus a monthly charge equal to marginal cost C) higher sales tax on specific products D) different prices based on the cost of production and quantity bought E) A regulated firm uses marginal cost pricing for some customers and average cost pricing for other customers.
Economics is a social science that primarily explores how: a. businesses market products under competitive conditions
b. stock and bond prices fluctuate when there are changes in demand or supply. c. the government allocates its budget among competing political interests. d. goods and services are consumed, produced and distributed in a world with limited resources.
Answer the following statement true (T) or false (F)
1) A linear demand curve has a constant elasticity over the full range of the curve. 2) The greater the ease of shifting resources from product X to product Y in the production process, the greater is the elasticity of supply of product Y. 3) If the elasticity coefficient of supply is 0.7, supply is elastic. 4) Antiques tend to have highly inelastic supply curves.
What characterizes a constant-cost industry and what causes it to be a constant-cost industry?
What will be an ideal response?