If Best Dogs only sells their hot dogs in packages of eight, all of the following are true except which one?
A) Best Dogs is using an all-or-nothing pricing scheme.
B) Best Dogs' customers are spending the consumer surplus they would have received on the first few hot dogs on the last few hot dogs.
C) Best Dogs has market power.
D) Best Dogs is trying to prevent arbitrage.
D) Best Dogs is trying to prevent arbitrage.
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A temporary decrease in the price of oil would be considered a:
A. long-run supply shock. B. demand shock. C. short-run supply shock. D. The changing price of oil would not affect any of these.
The health care system in the United Kingdom is referred to as ________, under which the government owns most of the hospitals and employs most of the doctors
A) an out-of-pocket system B) a single-payer health care system C) a universal health insurance system D) socialized medicine
Assume that a restaurant is hiring labor in an amount such that the MRC of the last worker is $16 and her MRP is $12. Based on this information, we can say that
A. profits will be increased by hiring additional workers. B. profits will be increased by hiring fewer workers. C. the restaurant is maximizing profits. D. marginal revenue product must exceed average revenue product.
The above figures show the market for HD televisions. If the technology used to produce these televisions advances so that productivity increases, which figure shows the effect of this change?
A) Figure A B) Figure B C) Figure C D) Figure D E) None of the figures represent this change.