A) $600
B) $800
C) $350
D) $700
If the demand for gadgets increases as a result of a decrease in the price of widgets, the widgets and gadgets are:
A. elastically demanded.
B. substitute goods.
C. normal goods.
D. complementary goods.
Answer: D
Economics
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Taxing firms that emit pollutants is one way to reduce pollution.
Answer the following statement true (T) or false (F)
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Consider the following: Farmer Jones bought seed and fertilizer for $100. He grew wheat that he sold to the Acme Bread Company for $200. Acme Bread produced and sold bread to the ABC Grocery Store for $250. Consumers bought the bread from the grocery for $350. How much was added to the GDP?
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When price falls in a perfectly competitive industry, each firm will
a. sell more output b. sell the same amount of output but earn less economic profit c. sell less output d. raise its price e. shut down production until price regains its former level
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Refer to the information provided in Figure 20.4 below to answer the question(s) that follow.
Figure 20.4Refer to Figure 20.4. The domestic price of a leather wallet is $20. With free trade the price of a leather wallet is $10 and after a tariff is imposed the price is $15. If the tariff is changed so that it is now ________, tariff revenue in this country will be zero.
A. $1 B. between $1 and $5 C. between $5 and $10 D. $10
Economics