The market demand curve shows
a. the effect of advertising expenditures on the market price of a good.
b. the marginal cost of producing and selling different quantities of a good.
c. the effect on market supply of a change in the demand for a good or service.
d. the quantity of a good that consumers would like to purchase at different prices.
Answer: d. the quantity of a good that consumers would like to purchase at different prices.
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All other things constant, when a small LED bulb manufacturing unit recruits a new worker, its weekly output increases from 40,000 bulbs to 44,000 bulbs. If the market price of each LED bulb is $1.50, the marginal revenue product of the new worker is: a. zero
b. $1,500. c. $6,000. d. $4,000.
Which of the following statements is correct?
a. Economists almost always find it easy to conduct experiments in order to test their theories. b. Economics is not a true science because economists are not usually allowed to conduct experiments to test their theories. c. Economics is a social science rather than a true science because it cannot employ the scientific method. d. Economists are usually not able to conduct experiments, so they must rely on natural experiments offered by history.
A reason why the CPI overstates the cost of living is it
A. only measures the effects of inflation on the poor. B. makes no attempt to update the market basket. C. updates the market basket infrequently, thereby missing the steep price decline in the early adoption period. D. makes no attempt to ascertain what average people buy.
Explain what guaranteed price matching means. What are the consequences of such a policy?
What will be an ideal response?