It is easy to sign contracts for gym membership, but if one rarely goes to the gym a gap exists between _______ and behavior
a. Resources
b. Values (hope)
c. Attitudes
d. Ethics
Ans: b. Values (hope)
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An example of a horizontal integration would be a merger between
a. a newspaper and a television station. b. two grocery store chains. c. Intel and Dell. d. Delta Airlines and American Airlines.
Cigarettes are highly addictive and therefore have a very low elasticity of demand. A $2.00 increase in the national sales tax on cigarettes would likely cause the price paid by buyers of cigarettes to
A) increase by more than $1.00 but less than $2.00. B) increase by $2.00. C) increase by more than $2.00. D) increase by less than $1.00. E) remain unchanged.
The above figure shows the domestic market for tomatoes. Suppose this market is isolated from global competition and there is a support price set at $16. In this figure, what area equals the deadweight loss?
A) area B + area C + area D + area F B) area E C) area C + area D + area E + area G D) area A E) area F
When a firm leaves a perfectly competitive industry,
a. the individual demand curves facing remaining firms shift towards the point of minimum average cost in the long run. b. short-run industry equilibrium is re-established at a new point along the original short-run industry supply curve. c. the short-run industry supply curve shifts to the right. d. at the new long-run equilibrium, the remaining firms in the industry will each receive a higher profit.