Refer to the given data. The domestic equilibrium prices of steel in Alpha and Beta are:
Answer the question on the basis of the following data for the hypothetical nations of Alpha and Beta. Q s is domestic quantity supplied and Q d is domestic quantity demanded.
A. $5 and $4, respectively.
B. $2 and $4, respectively.
C. $3 and $2, respectively.
D. $1 and $2, respectively.
C. $3 and $2, respectively.
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If the MPC is 0, then the multiplier is
a. 0. b. 1. c. infinite. d. None of the above is correct.
Figure 15.3 depicts a one-mile stretch of beach with 100 swimmers distributed evenly along the beach. There are two ice cream vendors - 1 and 2 - on the beach selling an identical product. Assume that each swimmer buys only one ice cream cone and that they prefer to buy ice cream from the nearer vendor. If vendor 1 is at A while vendor 2 is at D, vendor 1 will sell ________ ice cream cones while vendor 2 sells ________ ice cream cones.
A. 40; 60 B. 45; 55 C. 55; 45 D. 60; 40
If a firm can increase output by hiring more workers, then
A. it will do so only if the cost of hiring the workers (and purchasing the materials) is more than the increase in revenues associated with the increase in sales. B. it will never do so. C. it will do so only if the cost of hiring the workers (and purchasing the materials) is less than the increase in revenues associated with the increase in sales. D. it will always do so.
If there are four firms in an industry and each has a 25 percent market share, then the Herfindahl-Hirschman Index equals
A. 2,500. B. 2,800. C. 5,000. D. 6,600.