Refer to the scenario above. The demand for Sporty's soccer balls is 1,250 units if ________
A) the price charged by Sporty is higher than the price charged by Go!
B) the price charged by Go! is higher than the price charged by Sporty
C) the price charged by Sporty is equal to the price charged by Go!
D) the price charged by Sporty is higher than the cost of production of each ball
C
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The law of increasing relative costs, depicted by the concavity of the production possibilities frontier, is most closely related to the
A. downward slope of the demand curve. B. upward slope of the demand curve. C. downward slope of the supply curve. D. upward slope of the supply curve.
The above figure shows Jane's budget line and two of her indifference curves. Jane's marginal rate of substitution is
A) the rate at which she would give up a lobster dinner for a steak dinner and consider herself just as well off. B) equal to the ratio of the price of a steak dinner to the price of a lobster dinner when she is at her best affordable point. C) equal to 2 lobster dinners per steak dinner at her best affordable point. D) Both answers A and B are correct.
Rapid population growth
a. was hailed by Thomas Robert Malthus as the key to future economic growth. b. tends to lead to higher levels of educational attainment. c. is the main reason that less developed nations are poor. d. may depress economic prosperity by reducing the amount of capital which each worker has to work with.
A European option differs from an American option in that it may be exercised
A) only on the spot date. B) only on the expiration date. C) only on the future date. D) on any date.