Refer to the diagram. A government-set price ceiling is best illustrated by:
A. price A.
B. quantity E.
C. price C.
D. price B.
A. price A.
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Which of the following statements is true of economic growth and GDP across the world before 1800?
A) There was sustained growth because whatever improvements in GDP were realized were invested in capital equipment. B) The income per capita in all countries throughout the world was less than $500 per capita. C) The income per capita in all countries throughout the world was more than $1,000 per capita. D) There was a lack of sustained growth because the pace of technological change was slow.
Which of the following describes a natural monopoly?
a. When economies of scale are large relative to size of market b. Created by the government through patents, copyrights c. When one firm has control of a physical resource d. When one firm pursues predatory pricing
When you go to a grocery store, most candy bars of a given size sell for virtually the same price. Can we conclude that this is evidence of collusion on the part of candy bar manufacturers?
Suppose the market basket consists of 400X, 150Y, and 220Z. Current-year prices are $1.50 for each unit of X, $0.50 for each unit of Y, and $4.60 for each unit of Z. Base-year prices are $1.00 for each unit of X, Y, and Z. Approximately what is the value of the CPI in the current year?
a. 457 b. 354 c. 219 d. 119