Which of the following is NOT a non-price determinant of demand?
A. the price of the good or service
B. prices of related goods and services
C. expectations of future prices
D. tastes and preferences
Answer: A
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If the shut-down rule, p < AVC, is the same in the short run and the long run, explain why the shut-down prices may be different
What will be an ideal response?
A duopoly is a market structure with: a. one buyer and one seller
b. two firms providing all the output. c. only two differentiated products. d. only a few dominant sellers and a limited number of buyers.
If the real exchange rate is 5/4 pounds of Chilean beef per pound of U.S. beef, a pound of U.S. beef costs $2 and the nominal exchange rate is 500 Chilean pesos per dollar, then Chilean beef costs
a. 1,250 pesos per pound. b. 800 pesos per pound c. 250 pesos per pound. d. None of the above is correct.
Government's role of taxing some citizens and transferring income to others is considered:
A) enforcing a legal system. B) providing certain goods and services. C) redistributing income. D) maintaining the money supply.