At which point is society producing some of each type of structure but still producing inefficiently? (See Figure 1.1.)
A. A.
B. B.
C. C.
D. D.
Answer: C
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Some consumer electronics products such as plasma TVs, DVD players, and digital cameras, are introduced at very high prices but over time, their prices start falling (beyond what could be attributed to falling costs as companies take advantage of
economies of scale and cheaper technologies). Which of the following is the best explanation for this observation? A) Early adopters of these new products typically have a higher demand and higher income compared to those who are willing to wait. B) More firms are likely to enter the consumer electronics market over time, forcing market prices down. C) Early adopters are more quality conscious and are willing to pay higher prices for the initial production of these goods. D) After satisfying the demand for early adopters, firms lower price to attract the more price-sensitive consumers.
You paid $25 for your ticket to the football game, only to see your favorite team losing 28-0 at the end of the first quarter. That $25 should now be regarded as a(n) ____ cost that should be ____ in your decision on whether or not to stay at the game.
Fill in the blank(s) with the appropriate word(s)
With the full implementation of the Single European Act, the EU became a(n)
A) common market. B) free trade area. C) customs union. D) economic union.
Which of the following could explain why there is an increase in potential GDP but the equilibrium level of GDP does not rise?
A) SRAS shifted to the right by more than LRAS. B) AD shifted to the right by more than SRAS. C) AD shifted to the right by less than SRAS. D) SRAS and AD do not shift.