Refer to the information provided in Figure 6.9 below to answer the question(s) that follow.
Figure 6.9Refer to Figure 6.9. The marginal utility of the first video game rental is
A. 8.
B. 10.
C. 25.
D. 40.
Answer: B
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If all firms are identical, output demand shifts cannot cause changes in output price in the long run.
Answer the following statement true (T) or false (F)
Which of the following is a characteristic of an oligopolistic market structure?
A) There are few dominant sellers. B) Each firm sells a unique product. C) Each firm need not react to the actions of rivals. D) It is easy for new firms to enter the industry.
A decrease in both equilibrium price and quantity could be produced by a(n)
a. decrease in supply, with demand constant b. increase in supply, with demand constant c. decrease in demand, with supply constant d. increase in demand, with supply constant e. improvement in technology
The price elasticity of demand measures the responsiveness of changes in price to the quantity demanded.
Answer the following statement true (T) or false (F)