Gasoline and heating oil are examples of products which are
A) joint products in fixed proportions.
B) joint products in variable proportions.
C) joint products that are complements.
D) unrelated to each other.
B
You might also like to view...
What is the economic variable that guides the invisible hand?
What will be an ideal response?
A movie monopolist sells to students and adults. The demand function for students is QdS = 600 - 100P and the demand function for adults is QdA = 1,200 - 100P. The marginal cost is $2 per ticket. What is the difference in the monopolist's profit when it is able to price discriminate and when it cannot?
A. $2,500 C. $0 D. $50
Economists use one standard set of assumptions to answer all economic questions
a. True b. False Indicate whether the statement is true or false
The more firms an oligopoly has,
a. the more likely it is to earn monopoly profits. b. the higher the price of the product. c. the farther the equilibrium quantity will be from the socially efficient quantity. d. the more likely the firms will charge a price close to the perfectly competitive price.