In the mobile device industry, an example of a platform firm is
A. a developer of mobile device operation systems.
B. a provider of wifi networks.
C. a mobile apps developer.
D. a retailer of mobile device accessories.
Answer: A
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Suppose a decrease in the supply of wheat results in an increase in revenue. This indicates that
A) the demand curve for wheat must be vertical. B) the resulting increase in price is proportionately greater than decrease in quantity sold. C) the decrease in quantity sold is proportionately larger than the resulting change in price. D) the supply curve for wheat must be vertical.
Gina Smith and Mariel Jones are both running for the same seat on the town council. Pat Johnson is voting in the town council election. Pat decides to read each candidates one-paragraph statement, but did not attend the town debate to listen to the candidates explain their positions in detail. Which of the following best describes Pat's actions?
A. Pat displays the special-interest group effect; he figures the extra cost to him of any pet projects of either candidate will be small so he is not concerned. B. Pat displays the shortsightedness effect; the long-run benefits of policies will exceed the short-run costs. C. Pat is a victim of bureaucratic inefficiency; the candidates failed to provide sufficient information about their positions. D. Pat displays rational voter ignorance; the perceived extra effort to be better informed exceeds the marginal benefit of knowing more about the candidates.
Other things equal, the voluntary relocation of employable migrants from low-paying nations to high-paying nations will:
A. increase business or capitalist incomes in the low-paying nations. B. reduce real output in the world. C. increase business or capitalist incomes in the high-paying nations. D. reduce wage rates in the low-paying nations.
“Lower prices are always good for business.” Evaluate this statement.
What will be an ideal response?