The payment to the author, usually expressed as a percentage of sales to bookstores, is called
A. the annuity.
B. a payoff.
C. a royalty.
D. the admiralty.
Answer: C
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The price of soft drinks increases. Which of the following is not part of the likely chain of events that follows from this price change?
A. The demand for fruit juices increases. B. The manufacturers of soda?canning machines lay off some workers. C. Producers of soft drinks increase their production of soft drinks. D. Some consumers of soft drinks reduce their consumption of soft drinks.
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
In the long run, advertising by all firms in a monopolistically competitive industry
A) increases all firms' demand. B) decreases all firms' demand. C) lowers all firms' costs. D) might increase or decrease the firms' prices. E) lowers all firms' prices.
Using the demand schedule in the above table, if the firm's marginal cost is constant at $3.00, output for a perfectly price discriminating monopolist is
A) 2 units. B) 3 units. C) 4 units. D) 5 units.