Refer to the above table. You have a choice among four alternatives. Choice A lets you invest $250,000 at 4 percent; B lets you invest $125,000 at 6 percent; C lets you invest $62,500 at 8 percent, and D lets you invest $31,250 at 10 percent
Which choice will get you to $1 million faster?
A) A B) B C) C D) D
A
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A patent gives a firm a monopoly in the production of the patented good. While monopoly profits provide an incentive for firms to innovate, the monopoly power imposes a cost on consumers. Why do consumers bear a cost from that monopoly? Is the cost to consumers greater than the profits earned by the monopolist?
In an ideal competitive market economy
a. resources are allocated according to a person's needs. b. resources are allocated according to ability to pay. c. social and individual needs are met by the market. d. All of the above are true.
The law of increasing opportunity costs is reflected in a production possibilities curve that is:
A. an upsloping straight line. B. a downsloping straight line. C. bowed out from the origin. D. bowed in toward the origin.
A 10 percent increase in the price of portable power banks leads to a 5 percent decrease in the quantity demanded of portable power banks. The absolute price elasticity of demand is
A) 3. B) 0.33. C) 0.5. D) 2.