Which of the following are substitute goods?
A) margarine and butter
B) peanut butter and jelly
C) pizza and beer
D) sports utility vehicles and gasoline
A
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A market failure occurs when
a. shortages or surpluses of some good cannot be eliminated. b. a private market cannot provide a good in socially efficient quantities. c. consumers' surplus falls to zero. d. property is privately owned and people behave competitively.
An individual decides to rent an apartment for $7,000 per month. The commuting time from this apartment to his office is 80 hours per month
If the individual's opportunity cost of time is $30 per hour, calculate the direct cost, indirect cost, and total cost per month she would incur if she rents the apartment.
Major firms charged with predatory pricing defend by saying that their prices are low because of superior efficiency
a. True b. False Indicate whether the statement is true or false
We would expect the cross-price elasticity of demand between coffee and
A. tea, and coffee and cream to both be negative. B. tea, and coffee and cream to both be positive. C. tea to be positive, but negative between coffee and cream. D. tea to be negative, but positive between coffee and cream.