If a can of soda costs $1.00 today, how much would it cost in 12 months (1 year) if the prices go up by 50 percent per month?
A. about $130.00
B. about $7.00
C. about $6.00
D. about $24.00
Answer: A
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The demand for a product is inelastic with respect to price if:
A. consumers are largely unresponsive to a per unit price change. B. the elasticity coefficient is greater than 1. C. a drop in price is accompanied by a decrease in the quantity demanded. D. a drop in price is accompanied by an increase in the quantity demanded.
Which of the following statements is INCORRECT regarding the model for information products?
A. In the long run, accounting profit is positive. B. Average total costs slope downward, because average variable cost is constant, average fixed cost slopes downward. C. The firm maximizes profit by setting the price of its product equal to marginal cost. D. Marginal cost equals average variable cost.
In the United States in 2015, the highest unemployment rate was for ________ and the lowest was for ________.
A. African-American women; white men B. African American men; white men C. African American teenagers; white women D. white teenagers; white men
Refer to the above figure. The figure represents the saving function for the consumer. Point A represents
A) the point at which saving equals zero. B) a situation in which saving is positive. C) a situation in which saving is negative. D) the amount of autonomous consumption.