Related to the Economics in Practice on page 68: One explanation for the increase in the price of the Baltimore newspaper is the increase in the cost of newsprint. This would cause the ________ of Baltimore newspapers to ________.
A. supply; increase
B. supply; decrease
C. quantity supplied; decrease
D. quantity supplied; increase
Answer: B
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In which of the following ways do advertising and other selling costs affect a firm's cost curves?
i. Advertising expenditures increase total fixed costs. ii. Selling costs increase total fixed costs. iii. Advertising and other selling costs per unit of output decrease as output increases. A) i only B) i and ii C) iii only D) i and iii E) i, ii, and iii
Technological advancements have led to lower prices and an increase in the sale of color laser printers. How does this affect the market for traditional inkjet printers?
A) The demand curve for inkjet printers shifts to the right. B) The quantity of inkjet printers demanded decreases. C) The demand curve for inkjet printers shifts to the left. D) The quantity of inkjet printers demanded increases.
The following table contains the actual prices charged by four Web sites for a 3D Collector's Edition Blu-ray disc of the movie Marvel's Avengers: Age of Ultron in November 2015
Amazon $24.99 Walmart 25.48 Best Buy 29.99 Disney Store 29.99 Explain whether the information in this table contradicts the law of one price.
Movie theaters charge lower prices to children and senior citizens because
a. they feel sorry for them. b. they go to more movies, so they get price breaks. c. their elasticity of demand for movie tickets is higher. d. they have more time to attend movies.