The problems of physical distance can be _____________ by technology which can serve to ___________ trade
A) increased; discourage
B) reduced; enhance
C) increased; enhance
D) reduced; discourage
B
You might also like to view...
Compared to perfect competition, a monopoly usually does not result in
a. higher prices. b. the use of fewer resources. c. a less elastic demand curve. d. less profit.
The evidence from wage data allows us to conclude that nonsupervisory workers were economically worse off in 2008 than 1975
a. This conclusion is correct because such workers have been suffering form increasing unemployment since 1975 b. This conclusion is correct because such workers have been receiving an ever-decreasing share of their income in nonwage benefits. c. This conclusion is correct because nominal wages for such workers have stayed constant since 1975. d. This conclusion is correct because nominal wages for such workers have fallen since 1975. e. This is a mistaken conclusion because the CPI overstates inflation.
Which of the following offers the best explanation of why "marginal revenue equals marginal cost" is the rule that indicates the profit-maximizing output level?
A. If output were reduced from the profit-maximizing level, then the firm would be gaining marginal revenue that exceeds marginal cost, and thus increasing the level of profit. B. If output were increased from the profit-maximizing level, then the firm would be gaining marginal revenue that is less than the marginal cost incurred in producing this additional unit, and thus reducing the level of profit. C. Because the firm colludes with other similar firms to set price equal to marginal cost. D. The marginal revenue is equal to the marginal cost at all levels of output for a perfectly competitive firm.
The quantity of raspberries sold at a local store increases from 100 pints to 1,500 pints when the price is reduced from $4.00 to $1.00. In this situation, the absolute price elasticity of demand for raspberries is approximately
A) 0.69. B) 6.7. C) 1.46. D) 4.3.