The consumer price index increases from 200 to 208 . What is the inflation rate?
four percent
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Armpit Homunculus Prescott Pharmaceuticals is facing class action suit over side effects caused by its latest growth supplement. The lawyers representing the class are asking $200 million because they claim Prescott knew about and hid the fact that the
supplement caused Armpit Homunculus. Prescott claims it had no foreknowledge of this and can take their chance at trial where they expect a $50 million payment. Just before the trial date, an internal Prescott email is discovered in which Dr. Colbert, D.F.A. is joking about "how hideous the armpits will be on all these giants.". How does this affect the likely cost of settling the case?
If marginal costs increase, a monopolist will:
a. decrease price and increase output. b. decrease both price and output. c. increase price and decrease output. d. increase both price and output. e. keep both price and output at the same level.
When economies of scale are large relative to the quantity demanded in the market, it is called a(n):
a. natural monopoly. b. legal monopoly. c. artificial monopoly. d. inevitable monopoly.
As a student, Anne spends 40 hours per week writing term papers and completing homework assignments. On one axis of her production possibilities frontier is measured the number of term papers written per week. On the other axis is measured the number of homework assignments completed per week. Anne's production possibilities frontier is a straight line if
a. she faces no trade-off between writing term papers and completing homework assignments. b. she can switch between writing term papers and completing homework assignments at a constant rate. c. the rate at which she can switch between homework assignments and term papers depends on the number of homework assignments she is completing and on the number of term papers she is writing. d. she is required by her professors to spend half of her time on term papers and the other half of her time on homework assignments.