Refer to above figure. With a specific tariff of $3 per unit, what is the quantity of Widgets consumed domestically?
What will be an ideal response?
80
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Netflix is the largest online DVD rental service offering flat rate online streaming to customers in the United States. Currently, there are approximately 8 million subscribers
Suppose Netflix decreases its flat rate rental by 10 percent and an additional 1 million people subscribe. This information means that Netflix's demand is A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic.
An example of adverse selection is a. purchasing a new car sight unseen based on the recommendation of a neighbor. b. high health-insurance premiums resulting from the poor health of people who buy policies
c. suppliers who charge more for better quality clothing than for lower quality clothing. d. being talked into buying a low-quality item because the price is lower.
Carefully define the following terms and explain their importance to the study of economics
a. resources b. rational decision c. scarcity d. opportunity cost
Under EPA regulations, a factory
A. must pay for the right to pollute. B. can increase air pollution from its grinding process if it decreases air pollution from its smelting process. C. cannot under any circumstances build a polluting factory in an area where pollution standards are not being met by existing firms. D. can pay off regulators in order to continue operations business as usual.