The price at which the quantity supplied equals quantity demanded is the
A. market price.
B. negotiated price.
C. opportunity cost.
D. equilibrium price.
Answer: D
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Consider a game in which all outcomes give the players the same total payoff. Explain why every outcome in such a game will be Pareto optimal.
What will be an ideal response?
Foreign direct investment implies that the investor obtains ________ share in a foreign company's ownership
A) less than 1 percent B) less than 5 percent C) less than 10 percent D) none of the above
The principal concept behind comparative advantage is that a nation should
A. concentrate production on those products for which it has the lowest domestic opportunity cost. B. maximize its volume of trade with other nations. C. strive to be self-sufficient in the production of essential goods and services. D. use tariffs and quotas to protect the production of vital products for the nation.
Refer to the figure above. What is the absolute value of the arc elasticity of demand when the price increases from $6 to $8?
A) 1.25 B) 2.75 C) 3.45 D) 4.00