Which of the following is NOT true of a demand curve?
A. It reflects sellers' reservations prices.
B. It shows the amount consumers want to buy at various prices.
C. It has negative slope.
D. It relates the price of an item to the quantity demanded of that item.
Answer: A
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In an English auction, ________ with each bid
A) the price of the good increases B) the price of the good decreases C) the quantity of the good being offered increases D) the quantity of the good being offered decreases
Lowering the tariff on imported ethanol
A) increases domestic employment in the ethanol industry. B) increases the imports of ethanol. C) increases the domestic price of ethanol. D) has no effect unless the nation's trading partner also lowers its tariff on ethanol.
Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. How much more profit would a monopolist earn compared to the combined profit earned by the two duopoly firms together in the Nash equilibrium?
A. $180,000 B. $2,222.22 C. $11,111.11 D. $9,333.33
If Jeremy has an absolute advantage in cooking and Margaret has an absolute advantage in cleaning, then
a. Jeremy has a comparative advantage in cooking, and Margaret has a comparative advantage in cleaning b. Jeremy has a comparative advantage in cleaning, and Margaret has a comparative advantage in cooking c. we can conclude nothing about comparative advantage d. Jeremy has a comparative advantage in cooking, but we can conclude nothing about Margaret e. Margaret has a comparative advantage in cleaning, but we can conclude nothing about Jeremy