Drug interdiction, which reduces the supply of drugs, may decrease drug-related crime because the demand for drugs is inelastic
a. True
b. False
Indicate whether the statement is true or false
False
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Frank spends Saturday afternoon at the Dodge dealership looking at new trucks. The model that he is interested in has a sticker price of $29,000. The fact that the price is quoted in dollars is an example of money used as a
A) medium of exchange. B) unit of account C) store of value. D) All of the above answers are correct.
Fill in the columns in the following table and use the values in the table to determine the profit-maximizing level of output
Quantity Total Revenue (TR) Total Cost (TC) Profit Marginal Revenue (MR) Marginal Cost (MC) 0 0 3 1 5 5 2 10 6 3 15 8 4 20 11 5 25 15 6 30 21 7 35 30 8 40 42 9 45 60 10 50 85
Positive marginal utility implies increasing total utility
a. True b. False
Which of the following is not one of the four factors that affects the intensity of competition in Porter's Five Forces Model:
Intensity of competition The bargaining power of buyers The bargaining power of suppliers The threat of new entrants