The law of demand states that, all else held constant,
A. price and quantity demanded are inversely related.
B. the larger the number of buyers in a market, the lower the product price will be.
C. consumers will buy more of a product at high prices than at low prices.
D. price and quantity demanded are directly related.
Answer: A
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Prior to 1863, all commercial banks in the United States
A) were chartered by the U.S. Treasury Department. B) were chartered by the banking commission of the state in which they operated. C) were regulated by the Federal Reserve. D) were regulated by the central bank.
A manufacturer produces two types of computer software, Word processing (W) and Spreadsheet (S), which is offered to two different retail outlets (#1 and #2). The following table shows the maximum price each retail outlet is willing to pay for each individual software product. Product W Product S Retail #1 $170 $105 Retail #2 $95 $135 What is the optimal pricing strategy that will maximize
revenue for the manufacturer, given the maximum the retail outlets are willing to pay? a. Bundle both products (W and S) and sell them at $230. b. Price product W at $170 and Product S at $135. c. Price product W at $170 and Product S at $170. d. Price product W at $95 and Product S at $105. e. Bundle both products (W and S) and sell them at $275.
The additional output produced by adding one more unit of an input is the:
A. marginal product. B. average product. C. total production. D. slope of the marginal product curve.
Which of these activities will most likely result in an external benefit?
a. Ted purchases a dilapidated house and cleans up the yard and exterior of the house. b. Tim purchases an iPhone and downloads new apps. c. Terri purchases a new SUV and drives it to work every day. d. Thomas purchases a suit and wears it on his interviews.