Which of the following is a final good or service?
A) tires purchased by Ford for use on one of their SUVs
B) the new economics textbook you are using
C) the hair gels used by a hairstylist at the local hair salon
D) the butter used by a chef to make buttercream frosting
E) the taco shells purchased by Taco Bell for use in their tacos
B) the new economics textbook you are using
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Referring to Figure 19.1, the dollar is likely to appreciate if the exchange rate is either ________ or ________ pesos to the dollar
A) 10; 11 B) 11; 12 C) 12; 13 D) 13; 14
If an indifference curve were concave instead of convex to the origin, what implication would that have if the consumer reduces consumption of one good but still wants to enjoy the same level of utility in a two-good world?
What will be an ideal response?
Which of the following would cause a decrease in the equilibrium price and decrease in the equilibrium quantity of papayas?
A) a decrease in supply and a decrease in demand B) an increase in supply and an increase in demand greater than the increase in supply C) a decrease in supply and an increase in demand D) a decrease in demand
Use the above figure. Suppose that a regulatory agency requires this natural monopolist to engage in marginal cost pricing. This would lead to
A. profits, but new firms cannot enter the industry in the long run due to high barriers to entry. B. losses, which would drive the monopolist out of business in the long run. C. profits, which would encourage new producers to enter the industry in the long run. D. losses, which would encourage the monopolist to lower costs in the long run.