Cost plus pricing is
A) consistent with profit maximization.
B) generally inconsistent with profit maximization.
C) the same as peak-load pricing.
D) used in product line extensions.
B
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If average labor productivity in two countries is the same, average living standards will be higher in the country with:
A. the lower share of population employed. B. the smaller population. C. the higher share of population employed D. the larger population.
Michigan Radio is the state's most listened-to public radio service, attracting approximately 400,000 listeners each week and is funded through listener donations. Listeners can access Sirius satellite radio through a subscription to the service
Michigan Radio is a ________ and Sirius satellite radio is a ________. A) common resource; natural monopoly B) public good; natural monopoly C) natural monopoly; private good D) public good; common resource
The firm in the figure above is in monopolistic competition. It will set a price equal to
A) $1. B) $2. C) $3. D) more than $3.
Which of the following correctly lists what is included in the consumption component of GDP?
a. household purchases of services and household purchases of nondurable goods but not any household purchases of durable goods b. household purchases of nondurable goods and durable goods other than residential construction but not household purchases of services c. household purchases of services, nondurable goods, and all durable goods d. household purchases of services, nondurable goods, and durable goods other than residential construction