A stoppage on an automobile production line caused by a late delivery can cost up to __________________.
a. $1,000-$10,000 per minute
b. $10,000-$20,000 per minute
c. $10,000-$20,000 per minute
d. $10,000-$50,000 per minute
e. $10,000-$100,000 per minute
Answer: e. $10,000-$100,000 per minute
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The absolute value of the price elasticity of demand for telescopes is 1.5. Therefore, telescopes can be classified as a luxury
Indicate whether the statement is true or false
Refer to Figure 9-2. If the tariff was replaced by a quota which limited rice imports to 16 million pounds, the amount of revenue received by rice importers would equal
A) $19.8 million. B) $16 million. C) $9.6 million. D) $6.4 million.
The sign of the cross-price elasticity tells us whether two commodities are complements or substitutes, but the size of this elasticity measure tells us
a. how the supply side of the market reacts to changes in demand b. whether the government should regulate the two markets c. which technology producers use d. how closely the two goods are related e. whether or not excess profits can be made in either market
If supply rises, what happens to equilibrium price and quantity?
What will be an ideal response?