Refer to the above figure. The profit maximizing price for a monopolistic competitor is
A) P1.
B) P2.
C) P3.
D) P4.
B
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You buy new water skis and other new equipment for $2,500 and take a week off of your job, where you earn $1,000 a week, to go water skiing. The equipment you purchased was all produced in the United States. You think that the week was worth $4,000
As a result of your vacation, GDP changes by how much?
Suppose improvements in technology cause the supply of natural gas to increase and at the same time the demand for natural gas increases. What are we sure of?
A) Both equilibrium price and quantity increase. B) Equilibrium price increases. C) Equilibrium price decreases. D) Equilibrium quantity increases. E) Equilibrium quantity decreases.
Which of the following is a feature of a bond market? a. Only households can borrow money through a bond market
b. Only corporations can borrow money through a bond market. c. Both households and corporations borrow money from a bond market. d. Both corporations and government borrow money from a bond market.
Related to the Economics in Practice on page 716: In the Kerala region of India, fishermen used cell phones to help connect buyers and sellers, reducing waste. All of the following describe ways in which technology is likely to improve information flow and increase economic efficiency except
A. fax technology makes it possible to transmit signed contracts in seconds, allowing the parties to the contract to begin performing their contract duties more quickly. B. video conferencing decreases the need for expensive business travel. C. e-mail now makes criminals who commit certain kinds of fraud very difficult to identify and arrest. D. high-speed Internet connections allow engineers in developing countries to collaborate with firms all around the world.