The popularity of digital cameras has enticed large discount stores like Walmart and Costco to offer digital photo printing services. How does the offering of the printing service by Walmart and Costco affect the digital photo printing market?
A) The demand curve for digital photo printing services shifts to the right.
B) The demand curve for digital photo printing services shifts to the left.
C) The supply curve for digital photo printing services shifts to the right.
D) The supply curve for digital photo printing services shifts to the left.
Answer: C
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A) an increase in marginal individual income tax rates B) an increase in average individual income tax rates C) a cut in corporate income tax rates D) a reduction in government spending
The implications of the zero economic profit condition in a perfectly competitive market implies that the opportunity cost of capital is integrated into the firm’s cost relationships.
Answer the following statement true (T) or false (F)
(I) Countries with more economic freedom during the past quarter of a century had a lower average per capita GDP. (II) Countries with more economic freedom during the past quarter of a century generally achieved higher rates of economic growth
a. Both I and II are true. b. Both I and II are false. c. I is true; II is false. d. I is false; II is true.
Rosa deposits $100 in a bank account that pays an annual interest rate of 20 percent. A year later, after Rosa has accumulated $20 in interest, she withdraws her $120 . Rosa's purchasing power
a. did not change if the inflation rate was 20 percent. b. decreased if the inflation rate was -5 percent. c. increased if the inflation rate was 22 percent. d. More than one of the above is correct.