An item has utility for a consumer if it
A) is scarce.
B) has a high price.
C) is something everyone else wants.
D) generates enjoyment or satisfaction.
Answer: D
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If the British pound depreciates against the U.S. dollar,
A) British businesses gain by an increase in the dollar price of exports to the United States. B) British consumers gain by a decrease in the pound price of U.S. exports to Britain. C) British consumers lose by an increase in the pound price of U.S. exports Britain. D) U.S. consumers lose by an increase in the dollar price of British exports to the United States.
The conditions in which vertical relationships can enhance a firm's ability to price discriminate include
a. the manufacturer's product is of value to multiple types of customers b. the costs of arbitraging the price differences across markets is large c. the manufacturer acquires the distributer in the higher priced market d. competition provide little ability for the manufacturer has to price above marginal cost
If this firm were a perfect competitor, at what output would it produce in the long run?
A. OP
B. OM
C. OL
D. None of the choices are correct.
Which of the following is not true about your nominal income?
A. It is the same as your real income in times of high inflation. B. It is measured in current dollars. C. It is the amount of money you receive during a given time period. D. It is not an accurate measure of purchasing power.