Corporate profits is the largest category of national income
Indicate whether the statement is true or false
False
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If a third-degree price-discriminating pure monopoly sells the same product in two markets but charges a higher price in market X and a lower price in market Y, the pricing difference indicates that demand is ________.
A. relatively more elastic in market X than market Y B. the same in both market X and Y C. relatively less elastic in market Y than market X D. relatively less elastic in market X than market Y
Jill runs a factory that makes lie detectors in Little Rock, Arkansas. This month, Jill's 34 workers produced 690 machines. Suppose Jill adds one more worker and, as a result, her factory's output increases to 700 Jill's marginal product of labor from the last worker hired equals ________.
A) 10 B) 20 C) 690 D) 700 E) None of the above answers is correct.
Assume that the demand curve for DVD players shifts to the left and the supply curve for DVD players shifts to the right, but the supply curve shifts more than the demand curve. As a result
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will increase. D) the equilibrium price of DVD players will decrease; the equilibrium quantity will increase.
A major shortcoming of a barter economy is
A) the requirement of specialization and exchange. B) that money loses value over time from inflation. C) the requirement of a double coincidence of wants. D) that most goods and services cannot be traded.