Although economic science can contribute theoretical and factual knowledge on a particular issue, the final decision on policy questions often depends on:
a. information that is not currently available
b. social values
c. ethical considerations
d. all of these
d
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The above figure shows the competitive market for turkey. The consumer surplus for the 300 millionth pound of turkey is
A) $2.00 per pound. B) $225 million. C) $0.80 per pound. D) $0.50 per pound.
Explain the difference between economic and normal profits
What will be an ideal response?
Actions that ignore the possible long-run benefits of cooperation and focus solely on short-run gains are
A) a zero-sum game. B) a negative-sum game. C) tit-for-tat strategic behavior. D) opportunistic behavior.
The nation's largest cable TV company tested the effect of a price reduction for premium movie channels. It lowered prices 10% and found that the number of customers rose by almost 50%. This means: a. the demand curve for the premium movie channels shifted to the right. b. the supply curve for premium movie channels shifted to the left
c. the demand for premium movie channels is elastic in this price range. d. the demand for premium movie channels is inelastic in this price range.