It is possible for the balance of trade to be negative, and the current account to be positive
a. True
b. False
Indicate whether the statement is true or false
True
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Can you think of some examples of oligopolies that you buy from?
What will be an ideal response?
During its run on Broadway, the play The Producers regularly sold out all available tickets at the St. James Theater. The theater could have raised ticket prices from $75 to $125 and still sold all available tickets but chose not to do so. The best
explanation for this decision is A) theater owners are unaware of the elasticity of demand for Broadway shows. B) theater owners do not want to raise their prices on weekends, when demand is high, and then have to lower prices during the week, when demand is lower. C) firms sometimes give up profits in the short run to keep their customers happy and increase their profits in the long run. D) theater owners are not motivated to maximize their profits.
"Price" in the statement of the Law of Supply refers to:
A. The amount that buyers are willing and able to pay for each unit of the product B. The cost of producing each unit of the product C. The total revenues that sellers receives for selling a given quantity of the product D. The total amount that buyers pay in order to acquire a given quantity of the product
A fall in the price of 7-UP that causes a household to shift its purchasing pattern away from Sprite and toward 7-UP is the ________ effect of a price change.
A. complementary B. diminishing marginal utility C. substitution D. income