Movie theaters charge lower prices to children and senior citizens because
a. they feel sorry for them.
b. they go to more movies, so they get price breaks.
c. their elasticity of demand for movie tickets is higher.
d. they have more time to attend movies.
C
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The above figure shows the market for rice in Japan. S2 represents the domestic supply curve, and S1 represents the world supply curve. If a $1 tariff is imposed on imported rice, the loss in social welfare is
A) b + c + d + e. B) a. C) i. D) a + c + d + e.
What differentiates a savings deposit from a small-denomination certificate of deposit (CD)?
A) A CD has a fixed maturity date; a savings deposit can be withdrawn at any time. B) A savings deposit cannot be withdrawn before its maturity date without incurring a penalty; funds in a CD are available at any time with no interest penalty. C) Only a savings deposit is a time deposit. D) All depository institutions accept savings deposits, whereas only a thrift institution can issue a CD.
A profit-seeking firm will choose the combination of inputs that maximizes profit, based on the:
A. ratio of each factor of production. B. substitutability of each factor of production. C. local price of each factor of production. D. total productivity of each factor of production.
The ____ is at the center of the market process
A) managers B) shareholders C) entrepreneur D) none of these choices.