The percentage markups which sellers use
A) are based on their estimates or guesses about marginal cost and marginal revenue for particular goods.
B) are between 10 and 15 percent.
C) are the same on all products of a single firm.
D) differ between products but are the same on average for all firms.
A
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If the government were to remove rent controls from the New York City rental market, then
A) all would be harmony. B) the price paid by buyers would decrease and the quantity of rental units will decrease. C) the price received by sellers would increase and the quantity of rental units will increase. D) the price received by sellers would decrease and the quantity of rental units will decrease.
Refer to Scenario 1 . The student has already taken 9 exams and scored a 80 on the 9th one. His average is a 70 after the 9th exam. If he scores a 70 on the tenth exam what will happen to his average?
What will be an ideal response?
If people buy more of a generic brand when consumer income falls, it is an inferior good
a. True b. False Indicate whether the statement is true or false
Which statement is true?
A. Oligopoly does not exist in the U.S. B. Most business firms in the U.S. are oligopolies. C. Most large firms in the U.S. are oligopolies. D. Oligopoly is virtually all cutthroat in the U.S.