The market where businesses sell goods and services to households and the government is called the:
A. goods market.
B. money market.
C. capital market.
D. factor market.
Answer: A
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The above figure shows the cost curves of a profit-maximizing perfectly competitive firm. If the price equals $7,
a) how much will the firm produce? b) how much is the firm's average total, average variable, and marginal costs? c) how much is the firm's total, total variable, and total fixed costs? d) how much is the firm's total revenue and economic profit? e) what will happen in this market in the long run?
Viceroy Vacations is deciding on how to price its vacation packages. Which of the following strategies would you suggest?
a. Price the flight, hotel and car separately b. Advertise it as an all-inclusive vacation c. Give them away as free vacations to everyone d. Close down your company. No one goes on vacations anymore
A bid rotation scheme in a cartel is where
a. The cartel members do not participate in auctions b. The cartel members never bid against each other c. The cartel members take turns winning the bids and do not bid against the member whose turn it is to win d. All of the above
Parity price programs were designed to help farmers, not consumers of farm goods
Indicate whether the statement is true or false