An individual demand curve can be derived from the ________ curve
A) price-consumption
B) price-income
C) income-substitution
D) income-consumption
E) Engel
A
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A free training and skill-building workshop conducted by an NGO increases the productivity of the labor force of a particular locality. Which of the following correctly describes the impact of the workshop on the labor market? a. The labor supply curve becomes vertical. b. The equilibrium wage rate declines
c. The labor demand curve shifts to the right. d. The labor supply curve shifts to the left.
In the game depicted below, firms 1 and 2 must independently decide whether to charge high or low prices.Firm 1Firm 2??High PriceLow Price?High Price(10,10)(5,-5)?Low Price(-5,5)(0,0)A dominant strategy for firm 1 is:
A. high price. B. different from firm 1's secure strategy. C. low price. D. low price and different from firm 1's secure strategy.
Average total cost is equal to total cost divided by profit
a. true b. false
Refer to Scenario 13.1 below to answer the question(s) that follow. SCENARIO 13.1: The government of Catalina Island is currently inviting investors to bid for the exclusive right to provide cable television service to its residents. The market demand for this service is P = 55 - 0.01Q, where Q is the number of households that would subscribe to the cable service and P is the monthly fee charged to the subscribers. The associated marginal revenue curve is MR = 55 - 0.02Q. Universal Entertainment is interested in bidding for the right to provide cable service on Catalina Island. It has a constant average and marginal cost of $15 for providing cable service to each household.Refer to Scenario 13.1. If Universal Entertainment were to be awarded the exclusive right to provide cable
service on Catalina Island, how much profit would it earn? A. $0 B. $40,000 C. $70,000 D. $80,000