If coffee and tea are substitutes, then an increase in the price of coffee will result in an increase in the demand for tea.
Answer the following statement true (T) or false (F)
True
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Marginal cost increases as the quantity of output increases. This reflects the property of
a. increasing total cost. b. diminishing total cost. c. increasing marginal product. d. diminishing marginal product.
Table 35.1CountryTons of SoybeansComputerChina100300United States150750Based on the information in Table 35.1, assume China and the United States have the same amount of resources with which to produce soybeans and computers and they produce no other goods. The output of computers and soybeans would be greatest if
A. Both countries prohibited trade. B. China specialized in producing soybeans, and the United States specialized in producing computers. C. The United States produced both goods and exported them to China. D. China specialized in producing computers, while the United States specialized in producing soybeans.
Public Broadcasting reads the names of local contributors on the air. This is likely to ________ the free-rider problem and lead to a ________ level of contribution to the public good.
A. increase; smaller B. increase; larger C. reduce; smaller D. reduce; larger
________ extracts the maximum amount each customer is willing to pay for a product.
A. Bundling B. Two-part tariff C. Group Pricing D. Personalized pricing