If the Midwest experiences a severe drought that damages the corn crops, we should expect the
a. supply of corn will increase and the price of corn will fall.
b. supply of corn will decrease and the price of corn will rise.
c. demand curve for corn will decrease and the price of corn will fall.
d. demand curve for corn will increase and the price of corn will rise.
b. supply of corn will decrease and the price of corn will rise.
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Credit is:
A) the loan that a debtor receives. B) the income that an employee earns. C) any good that cannot be consumed but is used for the production of other goods. D) any good that is available for free.
Real GDP in 2015 is $10 trillion. Between 2015 and 2016, using 2015 prices, GDP grew 3 percent and using 2016 prices real GDP grew 7 percent. Using the chain-weighted output index method, real GDP in 2016 is ________ trillion
A) $10.5 B) $11 C) $10.1 D) $12.72
Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. Which of the following best represents Alice's inverse residual demand function?
A. P(QA) = (100 - 0.005QA) - 0.005QK B. P(QA) = (100 - 0.005QK) - 0.005QA C. P(QA) = (200 - 0.005QA) - 0.005QK D. P(QA) = (200 - 0.005QA) - 0.005QA
For a monopolist, marginal revenue for all units greater than 1 is:
A. always equal to price. B. never less than price. C. always less than price. D. minimized at price.