Tennis rackets and ballpoint pens are:
A. substitute goods.
B. inferior goods.
C. complementary goods.
D. independent goods.
Answer: D
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Senior citizen and student discounts on tickets at movies theaters are examples of
a. First-degree price discrimination. b. Second-degree price discrimination. c. Third-degree price discrimination. d. A two-part tariff.
A firm in a market economy must do all of the following to succeed except
A) organize the factors of production into a functioning, efficient unit. B) be organized as a corporation. C) produce the goods and services that consumers want at a lower cost than consumers themselves can produce. D) have access to sufficient funds.
What is the endowment effect?
A) the tendency of firms to use celebrities endowed with good looks to promote their products B) the phenomenon that economic agents are endowed with different qualities and abilities so that trade among individuals increase efficiency C) the tendency of people to be unwilling to sell something they already own even if they are offered a price that is greater than the price they would be willing to pay to buy the good if they didn't already own it. D) the tendency for economic agents with abundant resources to consume a proportionately greater quantity of goods and services
Suppose Sam's Shoe Co. makes one kind of shoe. An example of a fixed cost for this company would be:
A. the lease for the factory building. B. the leather needed to make the shoes. C. the needles for the sewing machines that need to be replaced after sewing every 1,000 pairs. D. All of these are examples of fixed costs.