At a carnival roulette wheel, a player can either win $10, $30, or $80 . If it costs $35 to play, we would expect to see
a. A long line of players waiting to play
b. No players for the game
c. The carnival losing money per play
d. Both A&C
d. Both A&C
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Refer to Table 4-6. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. What are the equilibrium price and quantity (in thousands) for Aunt Maud's Lotion?
A) $30 and 20 thousand B) $60 and 30 thousand C) $20 and 60 thousand D) $20 and 30 thousand
Domestic currency depreciation will:
A) help domestic firms that export and hurt domestic firms that import. B) help domestic firms that import. C) hurt domestic firms that export and help domestic firms that import. D) hurt domestic firms that export.
A poll conducted by a national firm finds that most Americans say they care more about safety when buying a car than about fuel efficiency. As a result, a car maker produces a car with many safety features, but it doesn't sell well. This behavior
A) contradicts economic theory because the people didn't do what they said they would do. B) contradicts economic theory because it is irrational not to purchase safer cars. C) does not contradict economic theory because economists focus on what people do rather than on what they say. D) does not contradict economic theory because economic theory only relates to prices and not to features such as safety.
If a farmer buys one-hundred more acres for her flower farm, she is making a
A) long-run decision. B) short-run decision. C) immediate-run decision. D) variable-input decision.