The following equations represent the demand and supply for bottles of nail polish
QD = 25 - P
QS = -15 + 3P
What is the equilibrium price (P) and quantity (Q - in thousands) of bottles of nail polish?
A) P = $15; Q = 30 thousand B) P = $10; Q = 15 thousand
C) P = $20; Q = 5 thousand D) P = $5; Q = 20 thousand
B
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How does monopoly arise?
What will be an ideal response?
When price was 5, quantity demanded was 10. When price increased to 6, quantity demanded decreased to 9. Therefore, when price increased, total revenue
A. decreased from 54 to 50, indicating that demand is inelastic. B. decreased from 54 to 50, indicating that demand is elastic. C. increased from 50 to 54, indicating that demand is inelastic. D. increased from 50 to 54, indicating that demand is elastic.
Based on the graphic for perfect competition versus monopoly, the consumer surplus for monopoly is ______ the welfare for monopoly.
a. greater than
b. less than
c. equal to
d. the opposite of
Advocates of competitiveness as a argument for trade protection
a) apply an adversarial business model to international trade b) confuse economic growth with comparative advantage c) favor protection of capital-intensive industries d) fail to appreciate the role of industrial restructuring e) all of the above