The demand curve facing a dominant firm in the ________ model is derived by subtracting the amount supplied by the smaller firms from market demand.
A. price leadership
B. Cournot
C. collusion
D. cartel
Answer: A
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The cross-price elasticity between Gillette razors and a related good is -3.4. What happens to the demand for the related good if the price of Gillette razors falls by 10 percent?
A) The quantity demanded of the related good falls by 34 percent. B) The quantity demanded of the related good rises by 34 percent. C) The quantity demanded of the related good rises by 3.4 percent. D) The quantity demanded of the related good falls by 3.4 percent.
Ways to "game" the budgeting process include
a. accelerating sales if just short of a target b. accelerating expenses if just short of a target c. accelerating sales once a target is met d. delaying expenses costs once a target is met
If Sam, the Pizza Man, lowers the price of his pizzas from $6 to $5 and finds that sales increase from 400 to 600 pizzas per week, then the demand for Sam's pizzas in this range is:
A. inelastic. B. elastic. C. unit elastic. D. inferior.
If the amount of money in circulation is $180 billion and the value of the economy's total output is $540 billion, then the:
A. circulation period of money must be one-fourth of a year. B. velocity of money is 4. C. average price per final good sold is $3. D. velocity of money is 3.