A consumer's demand curve for apples
a. is derived by varying the price of apples and determining the quantities of apples at which the marginal utility per dollar spent on apples equals the marginal utility per dollar spent on other goods
b. is derived by determining how many apples will be purchased at different levels of income
c. is derived by varying the prices of other goods and determining the quantities of apples at which the marginal utilities per dollar spent on all goods are equal
d. slopes downward whenever the income and substitution effects cancel out
e. will be vertical if the substitution effect outweighs the income effect
A
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A commodity speculator who thinks next fall's corn harvest will actually be much larger than most people now anticipate will want to
A) buy corn now for sale in September. B) buy September corn futures. C) buy land suitable for growing corn. D) sell September corn futures. E) sell corn in September from stocks accumulated between now and September.
Which of the following would be illegal under the Robinson-Patman Act? a. Ford and General Motors meet to fix the price of cars. b. Computer makers form a cartel. c. General Mills and Kelloggs decide to merge. d. Exxon sells gas at a higher wholesale price to independent gas retailers than to Exxon retailers
e. Exxon Oil and Mobil Oil elect the same person to their boards of directors.
In the economy of Talikastan in 2015, consumption was 75% of GDP, government purchases were $200, imports were $50 and 125% of the value of exports, investment was one-sixth of the value of consumption. What was Talikastan's GDP in 2015?
a. $218 b. $2500 c. $1520 d. $2100
Define collusion