Movie theatres offer senior discounts because
a. Seniors have a more elastic demand for movie tickets
b. Seniors have lower incomes
c. Seniors have a lower opportunity cost of time
d. All of the above
d
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Under Federal Trade Commission merger guidelines, an industry with a Herfindahl-Hirschman index (HHI) of 800 points is considered
A) competitive. B) moderately concentrated. C) concentrated. D) a monopoly.
? A decrease in nominal incomes cause a:
A. ?rightward shift in the short-run aggregate supply curve. B. ?leftward shift in the short-run aggregate supply curve. C. ?rightward shift in the long-run aggregate supply curve. D. ?leftward shift in the long-run aggregate supply curve.
A market has the following characteristics: There is strategic decision making, output is somewhat restricted, there are few firms, and some long-run economic profits are possible. This market is:
A. perfectly competitive. B. a monopoly. C. monopolistically competitive. D. an oligopoly.
Rebecca can stitch 6 shirts in a day while Eliza can stitch only 5 shirts in a day. Rebecca can stitch 2 trousers in a day while Eliza can stitch 3 trousers in a day. Which of the following is true in this case?
A) Rebecca has a comparative advantage in stitching trousers. B) Eliza has an absolute advantage in stitching trousers. C) Rebecca has an absolute advantage in stitching trousers. D) Eliza has a comparative advantage in stitching shirts.