Recall the Application about craft beer and the increase in the price of hops to answer the following question(s).According to this Application, between 2012 and 2017, the increase in craft beer production increased the price of hops:
A. by about 118 percent.
B. by about 87 percent.
C. by about 18 percent.
D. by about 78 percent
Answer: B
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Schumpeter hypothesized that monopolies
a. do not maximize profits b. advertise extensively to keep out new entrants c. may charge a lower price than the price generated in a perfectly competitive market d. usually experience constant returns to scale e. have higher costs than smaller firms
Which of the following sentences is a positive claim and which is a normative claim? We need a higher minimum wage. Working people at minimum wage are not above the poverty level. That is not fair. But a higher minimum wage will mean that some low wage workers will be laid off and have no job.
What will be an ideal response?
The basis for international trade is
A. self-sufficiency. B. specialization. C. amassing national wealth at the expense of trading partners. D. maximizing your exports and minimizing your imports.
Governments sometime create an excess demand for a product by setting a maximum price that is less than the equilibrium price, resulting in a permanent excess demand for the product. This is known as a price floor.
Answer the following statement true (T) or false (F)