Farming in the New England colonies tended to be
(a) large scale.
(b) worked by slaves.
(c) small scale and worked by members of the family.
(d) exported to England and its trading partners for high profits.
(c)
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Assume that both the demand curve and the supply curve for DVD players shift to the left but the demand curve shifts more than the supply curve. As a result
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will decrease. D) the equilibrium price of DVD players will increase; the equilibrium quantity may increase or decrease.
Which of the following is not an idea advocated by Adam Smith?
a. Businesspersons conspiring to fix prices are a threat to the price system. b. Pursuit of private self interest with an invisible hand is the best way to promote the public interest. c. Government should control the economy. d. The government should provide for national defense and little else.
What are the two conflicting incentives that politicians must deal with? What is the result of this conflict?
Please provide the best answer for the statement.
For price discrimination to exist, all of the following are necessary EXCEPT
A. a downward sloping demand curve. B. an upward sloping marginal cost curve. C. an identifiable group of buyers with different elasticities of demand. D. there can be no resale of the product.