Avital and Joshua each have their own business selling lemonade in front of their houses. When they each charge 25 cents per glass, their total revenues are equal. However, when they each charge 40 cents per glass, Avital's revenues are bigger than Joshua's revenues. This is because
a. Joshua faces a more inelastic demand curve
b. Avital faces a more elastic demand curve
c. Joshua faces a more elastic demand curve
d. Avital faces a less inelastic demand curve
e. there is a market failure
C
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For China
A) there was a long period of success with the economic results of communism so it was hard to change policies. B) reform of its economic system was rapid, with a quick dismantling of most of the controls exercised by the state and party over the economic system, but not the political system. C) economic reforms were intended to create more wealth to distribute, not do undo the communist party. D) there are no longer state owned enterprises.
Legally speaking, the geographic concentration of slavery in the southern part of the U.S. is explained by all of the following except:
a. provisions in the Northwest Land Ordinance of 1787. b. plantations employing high slave labor were present in Southern states. c. laws allowing for gradual emancipation in some northern states. d. an amendment to the U.S. Constitution that allowed importation of slaves only through the port of Charleston after 1800.
In the consumption of public goods
A) consumers can be excluded. B) free riders can be excluded. C) consumers cannot be excluded. D) government is excluded.
Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. Mike's opportunity cost of producing one car is ________ pound(s) of cheese.
A. 250 B. 1/250 C. 500 D. 1/20