Everything else remaining unchanged, when the price of a normal good increases, consumers probably
A. do not purchase any amount of the good.
B. purchase more of the good.
C. purchase the same amount of the good.
D. purchase less of the good.
Answer: D
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"Mere size is no offense" is an antitrust ruling based on the rule of reason
a. True b. False Indicate whether the statement is true or false
Game theory can be used to investigate
A. why cartels break down. B. why some firms maintain excess productive capacity. C. how oligopolists set prices. D. All of the responses are correct.
Suppose Jon Stewart of the "Daily Show" makes an annual income of $1,000,000. If he quit his television job and went into producing he could make $400,000 per year. Jon Stewart's opportunity cost as a producer is
A) $1,400,000. B) 1,000,000. C) $400,000. D) $600,000.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point B to Point A is
A. -2/3. B. -3/4. C. -1.5. D. -20.