According to the video, when marginal cost is greater than average cost, what happens?
a. Average cost rises.
b. Average cost falls.
c. Average cost is minimized.
d. Average cost is constant.
Answer: a. Average cost rises.
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The income per capita in Genovia is 38,333 Genovian dollars. If 1 Genovian dollar is equal to 0.78 U.S. dollars, the income per capita in Genovia in U.S. dollars, is ________
A) $29,899.74 B) $30,000 C) $3,563 D) $49,144.87
When buying a car from a dealership, to get the best bargain
a. Allow the dealership to make the first offer b. Keep a cushion of bargaining space in the quoted price c. Make a take it or leave it offer d. All of the above
Explain how a large number of firms in the industry and product heterogeneity affect the likelihood of cartel success
The quantity of tickets demanded to the Super Bowl is always greater than the quantity supplied. Which of the following in the best explanation why the National Football League does not raise the price of tickets to the level where the quantity demanded
equals the quantity supplied? A) Raising the price would reduce the demand for tickets; there would then be a surplus and the game would not sell out. B) The cost of raising the price and printing new tickets would exceed the revenue the NFL would receive from higher ticket prices. C) The demand for Super Bowl tickets is elastic; raising the price would reduce total revenue. D) The NFL is concerned that raising ticket prices would be considered unfair.