A car purchased by you is rival because:
a. you can prevent others from using your car.
b. it has many competitors.
c. your use of this car makes it unavailable for others.
d. it is nonexcludable.
C
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State how each of the following affect the aggregate demand curve
a. The price level increases. b. Consumers expect higher inflation in the future. c. The exchange rate rises. d. Foreign income decreases. What will be an ideal response?
The above figure shows the U.S. market for flip-flops. With international trade, U.S. consumers buy ________ flip-flops and U.S. producers produce ________ flip-flops
A) 500,000; 500,000 B) 300,000; 700,000 C) 700,000; 500,000 D) 700,000; 300,000 E) 500,000; 300,000
The above table shows Sue's total utility from golf and tennis. If the price of each hour of golf is twice the price of each hour of tennis, and Sue plays four hours of tennis, then Sue plays
A) one hour of golf. B) two hours of golf. C) three hours of golf. D) four hours of golf.
The monopsonist's markdown in the buying price increases as
A) the supply elasticity declines. B) the supply elasticity increases. C) the demand elasticity declines. D) the demand elasticity increases.