Suppose you own a store that sells top-of-the-line MP3 players. You have determined that the demand function for your MP3 players is Qd = D(P) = 1200 - 4P. At what price would you sell the MP3 players if you wanted to sell 100 of them?
A. $250
B. $275
C. $280
D. $300
B. $275
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Willingness to pay represents:
A. the point at which the benefit that a person will get from a good is equal to the benefit of spending the money on the next best alternative. B. the opportunity cost of a good. C. the buyer's reservation price. D. All of these represent willingness to pay.
The process of innovation is the act of
a. discovering a new production process. b. discovering a new product. c. basic scientific research. d. adopting a new product to a market demand.
A decrease in supply will cause the smallest increase in price when
a. both supply and demand are inelastic. b. demand is elastic and supply is inelastic. c. both supply and demand are elastic. d. demand is inelastic and supply is elastic.
The origin of the Phillips curve is the idea that an increase in
A. AD will lead to more inflation and more unemployment. B. AD will lead to more inflation and lower unemployment. C. AS will lead to lower inflation and lower unemployment. D. AS will lead to less inflation and higher unemployment.