Use the above figure. Which graph depicts an inferior good?
A) A
B) B
C) C
D) D
B
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What decision must be made by firms with market power that is not made by firms which operate in perfectly competitive markets? Explain
What will be an ideal response?
If a firm needs one machine to produce a product, and must replace the machine when it wears out, then the firm should pick a durability level of the machine that
A) minimizes the expense today. B) minimizes the present discounted cost of having the machine forever. C) maximizes the future value of the machine. D) minimizes the future value of the machine.
The age-earning cycle predicts that a typical person will
A) be earning $50,000 in the year 2010. B) be earning the lowest income right before retirement. C) be earning the highest income right before retirement. D) be earning the highest income at about the age 45-50.
Many college basketball programs require alumni to join a booster club before they can buy season tickets. This is an example of
A. a two-part tariff. B. block pricing. C. first-degree price discrimination. D. cost-plus pricing