Economists use a model that is a literal description of business' behavior
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Table 3-2. The table above shows the demand schedules for caviar of two individuals (Ari and Sonia) and the rest of the market. At a price of $75, the quantity demanded in the market would be
A) 6 oz. B) 46 oz. C) 52 oz. D) 127 oz.
Funsters, Inc, the largest toy company in the country, sells its most popular doll for $15 . It has just learned that its leading competitor, Toysorama, is mass-producing an excellent copy and plans to flood the market with their $5 doll in six weeks. Funsters should
a. "fight fire with fire" by decreasing supply of its doll for six weeks and then increasing the supply. b. increase the supply of its doll now before the other doll hits the market. c. increase the price of its doll now. d. discontinue its doll.
When the receipts given by goldsmiths to depositors were used to make purchases:
A. existing banking laws were violated. B. the receipts became in effect paper money. C. the gold standard was created. D. a fractional reserve banking system was created.
If a worker receives a fixed payment of $100 plus $10 for every hour she works, what is the maximum total earnings the worker can receive if she is restricted to a maximum of 12 hours of work per day?
A. $125 B. $220 C. $120 D. $340