A possible rational reason why older people, on average, show less interest in learning how to use new technologies is because
A. they are acting irrationally.
B. the financial cost for older people is greater than the cost to younger people.
C. they have fewer years to gain a return from learning how to use new technologies.
D. older people are not as smart as (today's) young people.
Answer: C
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There are hundreds of companies in the business of providing natural gas to residential users. For the most part, these local gas companies each only serve their local community, so they buy in very competitive markets but sell locally and without competitors. The retail market is therefore likely to be
A. perfect competition. B. oligopoly. C. monopolistic competition. D. monopoly.
Related to the Economics in Practice on page 102: Harriet runs a corner delicatessen and one day decides to raise her prices by 20 percent. Total revenue is likely to ________ when she first raises prices since demand is relatively ________ in the short term.
A. fall; inelastic B. fall; elastic C. rise; inelastic D. rise; elastic
An increase in the price of a firm's output
A) raises the value of marginal product of each unit of labor. B) shifts the firm's demand for labor curve rightward. C) results in the firm increasing the amount of output it produces. D) All of the above answers are correct.
Refer to the table below. Which drug should the senior manager not pursue?
The senior manager of Rx Pharmaceuticals needs to decide which of three drugs the company should consider developing. The estimated profit for each of the drugs differs depending on the market conditions when the respective drugs are introduced to the market. The above table summarizes the estimated profit for each drug under each of the three market conditions; Good, Fair, and Poor.
A) Drug A
B) Drug B
C) Drug C
D) all of the drugs