Which of the following is a transaction cost?
What will be an ideal response?
time spent standing in line to buy the ticket
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How does price elasticity affect the price-quantity combination and segment of the demand curve that the monopolist would prefer for price and output?
What will be an ideal response?
Refer to the table below. The marginal revenue from the third unit of output is:
Use the table below to answer the question for a purely competitive firm.
A. $40
B. $50
C. $120
D. $160
If Switzerland chooses to engage in trade, it
a. will only benefit if it trades with countries that produce goods Switzerland cannot produce. b. cannot benefit if it trades with less developed countries. c. should first attempt to produce the good itself. d. can benefit by trading with any other country.
In economics, scarcity implies
A) disutility. B) utility. C) choice. D) inefficiency. E) a, c, and d