There is 5% average tax on imported goods in the United States. This tax is known as a(n) ________.
A. tariff
B. sales tax
C. quota
D. income tax
Answer: A
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The managers of Movies Plus, a large movie theater, want to practice third-degree price discrimination. The managers have learned that college students have an own price elasticity of demand of 1.75 for tickets at Movies Plus and adults have an own price elasticity of 1.25. If the managers have correctly determined the third-degree profit-maximizing price for adults is $20, what is the
third-degree profit-maximizing price to charge students? A) $12.50 B) $9.33 C) $15.67 D) $18.25
Typically, coffee and tea are
a. complements b. substitutes c. inferior goods d. unrelated goods e. nonmarket goods
Net domestic product is the total value of
A) all final goods and services produced within a country's borders in a year. B) only intermediate goods produced within a country's borders in a year. C) all final goods and services produced within a country's borders in a year minus gross private domestic investment. D) only intermediate goods produced within a country's borders in a year plus gross private domestic investment. E) all final goods and services produced within a country's borders in a year minus capital consumption allowance.
In a competitive market where firms are earning economic losses, which of the following should be expected as the industry moves to long-run equilibrium, ceteris paribus?
A. A lower price and fewer firms. B. A lower price and more firms. C. A higher price and more firms. D. A higher price and fewer firms.