The marginal cost curve used to model promoter sold tickets to an event is
A. L-shaped.
B. u-shaped.
C. backward L-shaped.
D. check-shaped.
Answer: C
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As a consumer spends a larger share of his income on a particular good, the price elasticity of demand for that good:
A) increases. B) decreases. C) initially decreases then increases. D) remains the same.
Calculate the value of the government purchases multiplier if the marginal propensity to consume equals 0.8, the tax rate equals 0.2, and the marginal propensity to import equals 0.05
What will be an ideal response?
Recall the Applied Perspective concerning Morocco, Coca-Cola, and Multipliers. Coca- Cola's decision to set up a bottling plant in Tangier has
a. created upstream and downstream linkages that accounted for 0.7 percent of Morocco's 1999 GDP b. had minimal impact on Morocco's economy c. created a backlash against the Westernization of the Moroccan economy d. created little new employment since the bottling plant is highly automated e. resulted in the bankruptcy of local, traditional, soft drink manufacturing firms
A firm with a very good product
a. has a higher cost of signaling (advertising) than does a firm with an inferior product. b. has more to gain by signaling (advertising) than does a firm with an inferior product. c. does not need to signal (advertise) because the product's quality speaks for itself. d. will signal (advertise) effectively if signaling is free.