Figure 7.6 shows prices, demands, and cost data for the only restaurant in a small town. What is its profit from non-senior customers under the senior discount policy of a $7 senior price and a $10 non-senior price?
A. $1,200
B. $1,500
C. $2,280
D. $2,560
Answer: D
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Assuming that one dollar trades for 6 yuan, what is the dollar cost of 30 yuan?
A) $6 B) $30 C) $10 D) $5
What are the main differences between neoclassical economics and behavioral economics?
a. Neoclassical economics is mainly theoretical. b. Behavioral economics does not take as given that decision makers are rational. c. Neoclassical economics assumes that decision makers are fully informed. d. All of the above.
The GDP deflator of a country whose nominal GDP is $10.5 billion and real GDP is $8.5 billion is 123.5
a. True b. False Indicate whether the statement is true or false
Suppose that the government imposes a maximum price on rental apartments and the market price of apartments does not change. The most likely explanation is that:
A. the law is impossible to enforce. B. apartment owners are withdrawing rental units from the market and forcing price up. C. market forces are pushing rental rates up to avoid a shortage of apartments. D. the maximum price set by the government was at or above the equilibrium price.