Refer to Figure 3-2. A technological advancement would be represented by a movement from
A) A to B.
B) B to A.
C) S1 to S2.
D) S2 to S1.
C
You might also like to view...
A monopolist faces
A. a two-tiered demand curve. B. the market demand curve. C. a perfectly inelastic demand curve. D. a perfectly elastic demand curve.
Assume there are two people in a society. Person A is willing to pay $140 to have one unit of a public good produced and Person B is willing to pay $160 to have one unit of a public good produced and $140 to have two units produced. As a result, society would be willing to pay a price of ________ of this public good.
A. $300 for 1 unit B. $200 for 1 unit C. $200 for 3 units D. $160 for 5 units
Which of the following is not an example of moral hazard?
a. People with health insurance take poor care of themselves. b. Reckless drivers own the safest cars. c. Banks make risky loans because deposit insurance protects them. d. People give more to charity just because it is tax deductible. e. A quarterback holds on to the ball longer before passing because he has a good offensive line.
Patents allow manufacturers to block the entry of new firms into an industry through
a. infringement suits b. economies of scale c. limit pricing d. price discrimination e. a government franchise