The effect of a change in the price of tea on the quantity of coffee demanded is measured by the
a. price elasticity of demand
b. substitute elasticity of demand
c. cross-price elasticity of demand
d. income elasticity of demand
e. alternative elasticity of demand
C
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Which of the following examples is NOT a negative stock externality?
A) Goodwill generated by a company B) Noise pollution from an airport C) Odors emitted from a paper mill D) None of these cases are examples of negative stock externalities
A supply curve slopes downward because of the law of supply
a. True b. False Indicate whether the statement is true or false
Refer to the accompanying figure.
Based on the figure, when PAE = 600 + 0.5Y, short-run equilibrium output equals:
A. 600. B. 400. C. 800. D. 1,200.
This table represents the revenues faced by a monopolist.PriceQuantity SoldTotal RevenueAverage RevenueMarginal Revenue$1,0001$1,000 $9002$1,800 $8003$2,400 $7004$2,800 $6005$3,000 $5006$3,000 $4007$2,800 Using the information in the table shown, the marginal revenue for the 3rd unit is:
A. $800 B. $600 C. $100 D. $500