iTunes offers samples of music downloads, and in doing so they
A) further inform customers.
B) further reduce customer search costs.
C) further expand the range of opportunities available to customers.
D) do all of the above.
D
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If the elasticity of demand for cigarettes is 0.4, then an increase in the price of a pack of cigarettes from $5.00 to $6.00 would reduce quantities demanded by about
A. 7 percent. B. 40 percent. C. 42 percent. D. 220 percent.
Refer to the accompanying table below. The marginal cost of the 3rd unit of this activity is: Units of ActivityTotal CostTotal Benefit0$0$01$30$1002$40$1603$60$1904$100$2105$150$2206$210$225
A. $20 B. $10 C. $30 D. $25
Economic growth occurs as a result of all of the following EXCEPT
A. more labor hours. B. technological progress. C. growth of capital. D. less saving.
The phantom unemployed are
A. People who lack the skills to be employed. B. People who want a job but aren't looking because they don't expect to find one. C. People who report that they are actively seeking a job even when they have little or no intention of finding one. D. Workers with very high rates of absenteeism.