Which of the following products would be sold in a competitive market?
A) smartphones
B) shoes
C) Brent crude oil
D) motorcycles
C
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A telephone company that charges both a monthly fee plus a price per minute used are employing:
A. price discrimination based on observable customer characteristics. B. perfect price discrimination. C. a two-part tariff. D. the profit-maximizing rule.
Two goods are substitutes when a decrease in the price of one good a. decreases the demand for the other good
b. decreases the quantity demanded of the other good. c. increases the demand for the other good. d. increases the quantity demanded of the other good.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, a decrease in unemployment may be represented by the movement from
A. B to A. B. C to D. C. B to D. D. A to C.
The principle of diminishing returns in capital implies that a country that lost much of its capital during a war will:
A) grow more slowly than its enemy during the war. B) never catch up with countries that never go to war. C) keep it from being permanently rich. D) experience a higher growth rate than before the war.