Which of the following would increase the price of fitness equipment?
a. a reduction in consumer income
b. a major study indicating that a 30-minute workout each day improved health more than was previously thought to be the case
c. a decrease in the price of steel used to produce the equipment
d. all of the above
B
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Which of the following is an example of an effort to decrease physical capital differences between an advanced and a developing economy?
A) American troops build roads in Afghanistan. B) Through World Vision, women and children in Africa receive education. C) Peace Corps volunteers teach English around the world. D) Creating Hope International trains women in Afghanistan to become tailors. E) Habitat for Humanity builds houses for low income families in the United States.
Suppose that in a perfectly competitive industry the equilibrium industry quantity is 10,000 units. Suppose that the monopoly output is 5,000 . For a 2-firm Cournot Oligopoly (N =2) known as a duopoly, what is a likely Cournot QUANTITY for the industry?
a. 3,000 units b. 5,000 units c. 6,667 units d. 10,000 units e. 15,000 units
Assuming the firm in the graph shown is producing Q1 and charging P3, it is likely showing the cost and revenue curves of a monopolistically competitive firm that is:
These are the cost and revenue curves associated with a firm.
A. earning positive economic profits.
B. earning negative economic profits.
C. earning zero economic profits.
D. It is impossible to tell from the graph provided.
"Only individual members of society earn income, not society itself." This statement is most closely associated with the political philosophy of a
a. utilitarian. b. liberal. c. libertarian. d. None of the above is correct.