Table 7.2 contains price, demand, and cost data for the Capri Theater, the only first-run movie theater in a small town. What is its profit from non-students under the single price policy?
A. $300
B. $360
C. $450
D. $540
Answer: A
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Friedman and Phelps argued
a. that in the long run, monetary growth did not influence those factors that determine the economy's unemployment rate. b. that the Phillips curve could be exploited in the long run by using monetary, but not fiscal policy. c. that the short-run Phillips curve was very steep, but not vertical. d. that there was neither a short-run nor long-run tradeoff between inflation and unemployment.
Figure 20-4
In Figure 20-4, which panel depicts a union suffering unemployment during a recession rather than allowing the wage to fall?
A. 1 B. 2 C. 3 D. 4
The market for used cars is not considered perfectly competitive because:
A. there is complete information. B. the good is standardized. C. there are always very low transaction costs. D. the buyers are not price takers.
Industries that lobby public officials for favorable treatment, softer regulation, and or antitrust exemption are engaged in rent-seeking.
Answer the following statement true (T) or false (F)