Refer to Figure 1-3. Calculate the area of the trapezoid X
A) $270 B) $720 C) $810 D) $2,520
C
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A profit-maximizing monopolist never produces along the __________ portion of the demand curve because marginal revenue is __________ there
a. elastic; positive b. elastic; negative c. inelastic; negative d. inelastic; positive e. inelastic; zero
If bus travel is an inferior good, then its income elasticity of demand will be:
a. strictly greater than one. b. positive. c. equal to zero. d. negative.
Other things remaining the same, if a large part of the population decided against having soda for health reasons, there would be a(n):
a. increase in the quantity of soda supplied. b. increase in the quantity supplied of complements like fries and burgers. c. decrease in the price of soda. d. rightward shift of the demand curve for soda. e. decrease in the quantity demanded of substitutes like mineral water.
Understanding the potential for tradeoffs between ________ is an important consideration when designing poverty policy.
A. the rich and the poor B. the old and the young C. equity and efficiency D. All of these are true.