If the golfers at Green Golf all have identical demands and Green Golf practices two-part pricing, the profit-maximizing user fee is ________ Green Golf's marginal cost.
A) one-half of
B) equal to
C) greater than
D) less than
B) equal to
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Refer to Table 11-5. Consider the statistics in the table above in describing the industrialized countries. Are these consistent with the economic growth model? Briefly explain
What will be an ideal response?
One of the differences between the GDP deflator and the consumer price index is
a. the GDP deflator includes income earned by American citizens working in foreign countries and the consumer price index is based solely on purchases made in the U.S. b. the consumer price index basket of goods is updated constantly by the Bureau of Labor Statistics whereas the GDP deflator is updated only occasionally. c. the consumer price index includes items not included in the GDP deflator such as airplanes purchased by the Air Force. d. the GDP deflator reflects prices for all goods and services produced domestically and the consumer price index reflects prices for some goods and services bought by consumers.
When competition is present and private ownership rights are clearly defined and securely enforced by the legal system, business firms will have a strong incentive to
What will be an ideal response?
Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply. B. a reduction in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in aggregate demand.