The demand curve faced by a dominant firm in an oligopoly model is the difference between the market demand and the supply that the fringe will produce at each price
Indicate whether the statement is true or false
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The Paradox of Value is resolved by the willingness for an individual to pay a high price for a good or service that has a high marginal utility per dollar
Indicate whether the statement is true or false
Which of the following would cause the U.S. demand curve for Japanese yen to shift to the right?
a. An increase in the U.S. inflation rate compared to the rate in Japan. b. A higher real rate of interest on investments in Japan than on investments in the United States. c. The popularity of Japanese products increases in the United States. d. All of these.
As of 2015, per capita GDP in the United States was approximately
A. $37,000. B. $26,000. C. $56,000. D. None of the choices are correct.
Ashley, who makes knitted caps, determines that her marginal cost of producing one more knitted cap is equal to $10. A consumer offers her $12 if she sells one more knitted cap to her. Ashley will:
Select one: a. realize that her production is not profitable and shut down her business. b. offer to sell 20 additional knitted caps, since it must be profitable. c. sell the additional knitted cap, since the marginal revenue is greater than the marginal cost for the unit. d. not sell the additional knitted cap, since she does not know what her total costs will be.