The Sherman Act of 1890 outlawed:
A. Monopoly pricing and foreign trade
B. Price discrimination and monopoly profits
C. Restraint of trade and monopolization
D. Foreign trade and monopolization
C. Restraint of trade and monopolization
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Assume that coffee and tea are substitutes. When the price of coffee increases
A) the supply of tea increases.
B) the demand for tea decreases.
C) the demand for tea increases.
D) the supply of tea decreases.
A movie theater charges ticket prices of $4.50 during weekday afternoon matinee hours and $8.50 during evening and weekend hours. Economists explain the ticket price difference by the fact that the demand for movie tickets during the weekday afternoon matinee hours is ________ but during the evening and weekend hours it is ________.
A. perfectly elastic; perfectly inelastic B. more inelastic; more elastic C. unit elastic; relatively inelastic D. more elastic; more inelastic
Refer to Scenario 9.10 below to answer the question(s) that follow. SCENARIO 9.10: Investors put up $1,040,000 to construct a building and purchase all equipment for a new cafe. The investors expect to earn a minimum return of 10 percent on their investment. The cafe is open 52 weeks per year and serves 900 meals per week. The fixed costs are spread over the 52 weeks (i.e. prorated weekly). Included in the fixed costs is the 10% return to the investors and $2,000 in other fixed costs. Variable costs include $2,000 in weekly wages, and $600 per week in materials, electricity, etc. The cafe charges $6 on average per meal.Refer to Scenario 9.10. In the short run, if the cafe shuts down, it will ________ variable costs and ________ revenue.
A. have; receive no B. have no; receive C. have; receive D. have no; receive no
One of the main functions of banks is
A. Maintaining a constant money supply. B. Borrowing money and lending to savers. C. Ownership of projects in which they invest. D. Creating money.