The most unequal distribution of income in the figure at right exists in
A. country 4
B. country 3
C. country 5
D. country 1
Answer: D. country 1
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As the price of video games is raised from $20to $25, their quantity demanded fell from 1.5 million copies to 1 million copies. The price elasticity of demand for video games is:
a. -0.55 b. -1.8 c. -1.33 d. -2.08
If the MRP of labor decreases, labor
a. demand will decrease b. demand will increase c. supply will increase d. supply will decrease e. demand and supply will be unaffected
The price of a good is the most important determinant of the supply of that good
a. True b. False Indicate whether the statement is true or false
Which of the following is true?
A. Monopolists never lose money regardless of short-run or long-run. B. Monopolies can be overcome by market forces or by government action. C. The most efficient output is found where MC and MR cross. D. The automobile industry is an example of a monopoly.