Suppose that consumers expect that the price of a product will increase in the future. The result is that:
A. the current demand for the product increases.
B. the current demand for the product decreases.
C. the current supply of the product increases.
D. the current supply of the product decreases.
Answer: A
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The following table provides information about production at the XYZ-TV Company.Number of WorkersTVs ProducedMarginal ProductValue of Marginal Product00------13535$35,00026833$33,00039931$31,000412829$29,000515527$27,000How many workers will XYZ-TV Company hire if the going wage for TV production workers is $30,000?
A. 0 B. 3 C. 2 D. 1
Suppose that at the beginning of a loan contract, the real interest rate is 4% and expected inflation is currently 6%. If actual inflation turns out to be 7% over the loan contract period, then
A) lenders gain 3% of the loan value. B) borrowers lose 3% of the loan value. C) lenders gain 1% of the loan value. D) borrowers gain 1% of the loan value.
If one firm has 80 percent of industry sales, while the remaining four firms share the other 20 percent of sales, then we can conclude that this is a(n)
a. monopoly b. price-taker market c. low concentration ratio industry d. balanced oligopoly e. unbalanced oligopoly
The people who buy insurance are ______________
Fill in the blank(s) with the appropriate word(s).