If nuts and bolts are complements, an increase in the price of nuts caused by a change in the supply of nuts will
a. increase the number of bolts sold.
b. decrease the demand for nuts
c. increase the price of bolts
d. decrease the number of bolts sold
d
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Ebay's use of "bidding agents" will
a. effectively turn an English auction into a Vickery auction b. effectively turn a Vickery auction into an English auction c. decide how much to shade your bid for you d. make you a more aggressive bidder
According to EPA estimates, compliance with pollution-control regulations cost U.S. producers and consumers more than what amount in 2012?
a. $100 billion b. $200 billion c. $300 billion d. $400 billion
Using time-series data, the demand function for a profit-maximizing monopolist has been estimated asQd = 142,000 - 500P + 6M - 400PRwhere Qd is the amount sold, P is price, M is income, and PR is the price of a related good. The estimated values for M and PR in 2014 are $25,000 and $200, respectively. The short-run marginal cost curve for this firm has been estimated as:MC = 200 - 0.024Q + 0.000006Q2Total fixed cost is forecast to be $500,000 in 2016.What is the average variable cost function?
A. AVC = 200 - 0.048Q + 0.000036Q2 B. AVC = 200 - 0.048Q + 0.000012Q2 C. AVC = 200 - 0.012Q + 0.000018Q2 D. AVC = 200 -0.012Q + 0.000002Q2
Which of the following is a determinant of market demand?
A) consumers' expectation of the future relative price of a product B) taxes imposed on firms that sell the product C) cost of inputs used to produce the product D) number of firms that produce the product