Which of the following is most likely to lead to government intervention in the form of price ceilings?
a. advertising
b. war
c. growth in consumer income
d. technological advance in agriculture
e. lower resource costs
B
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If the exchange rate is 80 yen per dollar, then a hotel room in Tokyo that costs 25,000 yen costs $200
a. True b. False Indicate whether the statement is true or false
If a subsidy (going to consumers) on a good is eliminated, this would
A. cause a movement along the demand curve to a (lower price, higher quantity) point. B. cause a movement along the demand curve to a (higher price, lower quantity) point. C. move its demand curve to the right. D. move its demand curve to the left.
Oligopolies are difficult to analyze because
A) the firms are so large. B) demand and cost curves do not exist for these types of industries. C) how firms respond to a price change by a rival is uncertain. D) oligopolies are a recent development so economists have not had time to develop models.
Refer to the information provided in Table 8.4 below to answer the question(s) that follow. Table 8.4ProduceUsing TechniquesUnits of Variable KInputs L1 unit of outputA4 4?B2 6????2 units of outputA 7 6?B410????3 units of outputA 8 6?B 6 11Refer to Table 8.4. Assume that the relevant time period is the short run. Assuming the price of capital (K) is $10 per unit and the price of labor (L) is $5 per unit, this firm's total cost of producing one unit of output is
A. $50. B. $60. C. $110. D. indeterminate from this information.