If an increase in the price of good X causes the demand curve for product Y to shift to the right, then X and Y are most likely to be which of the following?
a. Shoes and laces
b. Tennis balls and tennis rackets
c. Turkey and chicken
d. Knives and forks
e. DVD players and DVDs
c
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In which of the following cases is the Coase theorem most likely to solve the externality?
a. Ed is allergic to his roommate's cat. b. Chemicals from manufacturing plants in the Midwest are causing acid rain in Canada. c. Polluted water runoff from farms is making residents of a nearby town sick. d. Industrialization around the world is causing global warming.
You are the manager of a monopoly that faces a demand curve described by P = 230 ? 20Q. Your costs are C = 5 + 30Q. Your firm's maximum profits are:
A. 475. B. 495. C. 415. D. 480.
Carol has just purchased a cereal she saw advertised on TV because of the health benefits contained in the ad. The TV ad is an example of
A) mass marketing. B) direct marketing. C) indirect marketing. D) interactive marketing.
A monopolist's supply of a good is
A. independent of the monopolist's demand curve. B. given by the portion of the monopolist's marginal cost curve that lies above the average variable cost curve. C. given by the portion of the monopolist's average variable cost curve that lies above the marginal cost curve. D. dependent on the monopolist's demand curve and its marginal cost curve.