It is irrational for anyone to buy something whose price exceeded its ___________________.
Fill in the blank(s) with the appropriate word(s).
marginal utility
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Refer to the accompanying figure, which shows the annual domestic supply and annual domestic demand for jeans in a small country.
Suppose this country is open to trade with the rest of the world, and the world price of a pair of jeans is $40. If the government imposes a quota on imported jeans of 12,000 pairs per year, then the new equilibrium price of jeans in this country will be:
A. $80 B. $60 C. $120 D. $100
Table 9.1 represents 3 markets for used computers. Which of the markets in Table 9.1 are NOT in equilibrium?
A. 1 only B. 2 only C. 3 only D. 1 and 3
The "underground economy" is also referred to as
A) the informal sector. B) the formal sector. C) the halfway economy. D) the net domestic product economy.
Retail trade is an example of
A. perfect competition. B. oligopoly. C. monopoly. D. monopolistic competition.