Which of the following causes an increase in demand for a normal good?
A) increase in the price of a substitute
B) increase in the price of a complement
C) decrease in price
D) decrease in income
A
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One of the defining characteristics of a perfectly competitive market is what type of product ?
Which of these contributes to the existence of monopoly power?
a. a continuously decreasing long-run average cost curve b. possession of a patent c. control over essential output d. All of the above are correct.
Financial intermediaries change the mix of output by transferring financial capital from savers to dissavers (borrowers).
Answer the following statement true (T) or false (F)
Jones can brew 10 gallons of lager or 5 gallons of stout every three months, or any linear combination in between. Which statement below is true?
A) It costs Jones 5 gallons of stout for every 10 gallons of lager brewed. B) It costs Jones 1 gallon of stout for every 2 gallons of lager brewed. C) It costs Jones 1/2 gallon of stout for every 1 gallon of lager brewed. D) All of the above are true.