Which of the following is not an example of derived demand?
a. More people want to plant gardens in the spring; therefore, demand for hoes and shovels increases then.
b. Strong ticket sales for a concert cause the producers to schedule an extra show and demand more ushers.
c. Increased use of robots leads to a decrease in demand for labor.
d. The development of alternative fuels made from corn leads to an increase in demand for corn.
e. Increasing demand for music leads to the construction of more recording studios.
C
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Refer to the scenario above. What is the present value of the gift voucher for Jim?
A) 12 utils B) 22.5 utils C) 90 utils D) 180 utils
Elasticity computations related to demand carry a minus sign to show that the demand curve is negatively sloped.
Answer the following statement true (T) or false (F)
Assets that are able to be moved relatively quickly are known as
a. liquid assets b. hard assets c. corporate assets d. marketable securities e. none of these
At its profit-maximizing output, the given nondiscriminating monopolist:
A. incurs a loss.
B. earns an economic profit of $250.
C. earns a normal profit of $250.
D. earns an economic profit of $150.