In the market for used cars we have 10 sellers, willing to sell at the prices of $1000 . $2000 . $3000 . $4000 . $5000 . $6000 . $7000 . $8000 . $9000 . $10000 . What could the market price be in order to induce five sellers to offer their cars for sale?
a. $4001
b. $5001
c. $6001
d. $7001
b
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If a country lends more to foreign countries than it borrows from foreign countries in a year, then definitely during that year
A) it has a current account deficit. B) it is a creditor nation. C) it is a debtor nation. D) it is a net lender.
Efforts to balance the federal government's budget by raising taxes provided a buffer to the economic downturn of the Great Depression
Indicate whether the statement is true or false
The utility we get from something:
A. is a measurement of our direct benefit of consuming the good. B. is a measurement of the benefit of consuming the good relative to the opportunity cost. C. is a measurement of outside perceptions and inner preferences. D. is a measurement of outside benefits and inner costs.
Which of the following is true of the model of monopolistic competition?
a. Barriers to entry enable firms to enjoy positive profits in the long run. b. The number of firms declines over time as a result of economies of scale. c. The monopolistically competitive firms enjoy a greater market power than a monopolist. d. Firms tend to locate near each other in order to minimize total travel costs for consumers. e. The firms end up charging same prices for their individual products.