Refer to Scenario 12.3. What will be the price of this new drink in the long run if the firms in the industry collude with one another to maximize joint profit?
A) $3
B) $9
C) $12
D) $16.50
E) none of the above
D
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In the study of macroeconomics, production leads to income, and income leads to production in a continuing cycle
Indicate whether the statement is true or false
Not enforcing property rights in an economy will
A) lower the level of investment. B) raise the level of investment. C) not change the level of investment. D) cause the market system to work efficiently.
How are the prices of various goods and services determined for the Consumer Price Index (CPI)?
a. By an extensive annual household survey b. By an extensive monthly survey of stores, apartments, and owner-occupied homes c. By an extensive annual survey of stores, apartments, and owner-occupied homes d. By an extensive monthly household survey e. Through the same survey used to determine the typical market basket
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same. B. at any of the labeled points, as all of the points represent an efficient allocation of resources. C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced. D. indeterminate from this information, as we don't have any information about the society's desires.