If the price of milk was $1.25 a gallon and it is now $2.25 a gallon, what is the percentage change in price?
A) 4.4 percent B) 8 percent C) 44 percent D) 80 percent
D
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Which of the following would most likely be part of the study of microeconomics?
A) how General Motors makes decisions regarding its production goals B) national income C) the total economic output of our domestic economy D) overall price stability in the United States
The rationing function of prices refers to the:
A. fact that ration coupons are needed to alleviate wartime shortages of goods. B. tendency of supply and demand to shift in opposite directions. C. ability of the market system to generate an equitable distribution of income. D. capacity of a competitive market to equate the quantity demanded and the quantity supplied.
To the extent that brand names developed in monopolistic competition provide a benefit to the consumer, it is:
a. by allowing for a lower total cost. b. through their assurance that the firm will provide a quality product in order to preserve repeated transactions. c. by encouraging the entry of new competitors. d. by allowing the firm to engage in price discrimination.
Let Edt= -2. This implies that the demand for movie tickets is
A. elastic, because a 1 percent change in Pt changes Qdt by 2 percent. B. inelastic, because a 1 percent change in Pt changes Qdt by 2 units. C. elastic, because a 1 percent change in Pt changes Qdt by 1 percent. D. inelastic, because a 1 percent change in Pt changes Qdt by 1 percent.