Related to the Economics in Practice on page 292: The smart phone industry is best characterized as
A. an oligopoly.
B. a monopoly.
C. monopolistically competitive.
D. purely competitive.
Answer: A
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Adam Smith coined the term "invisible hand" to describe the process by which the actions of independent, self-interested buyers and sellers will:
A. always lead to the most efficient allocation of resources. B. often lead to increasing inequality. C. always lead an economy to ruin. D. often lead to the most efficient allocation of resources.
Possible causes of an upward-sloping demand curve are:
a. consumers judge the quality of a product based on quality b. consumers judge the quality of a product based on price c. consumers purchase a product based on snob appeal d. a and b are true e. b and c are true
Give a brief account of each of the following international agreements with respect to the environment. Have each of these agreements been successful?a. The Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES)b. Montreal Protocolc. Kyoto Protocold. Paris Agreement
What will be an ideal response?
Suppose the quantity demanded of ski boats falls from 4.0 million to 3.0 million as a result of an average price increase from $20,000 to $25,000 per boat. The absolute value of the price elasticity of demand is closest to
A. 0.29. B. 0.20. C. 0.78. D. 1.29.