The above table gives data on two variables. If these data were graphed, their relationship would
A) be a straight line.
B) be a curved line.
C) show a negative relationship.
D) nonexistent.
A
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Refer to the scenario above. If the starting bid is $250, ________ will win the auction and will have to pay ________ for the painting
A) Bob; $250 B) James; $400 C) Rachel; $450 D) Joe; $400
A firm in a ______________ faces a __________ demand curve
a. perfectly competitive market; perfectly inelastic b. perfectly competitive market; perfectly elastic c. monopoly market; perfectly elastic d. monopoly market; horizontal
In the calculation of the CPI, tea is given greater weight than beer if
a. the price of tea is higher than the price of beer. b. it costs more to produce tea than it costs to produce beer. c. tea is more readily available than beer to the typical consumer. d. consumers buy more tea than beer.
Refer to the following graph.
Suppose this diagram represents a monopolist with a patent. What is the maximum the monopolist would be willing to spend to defend its patent?
A. Area D B. Area A C. Area A and B D. Area B