DeBeers was able to profit the most from the diamond market by selling a:
A. lot of diamonds at high prices.
B. lot of diamonds at low prices.
C. few diamonds at low prices.
D. few diamonds at high prices.
Answer: D
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The above figure shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for cod, a common resource. The market equilibrium with no government intervention is ________
A) 0 tons per week B) 400 tons per week C) 300 tons per week D) None of the above answers is correct.
An increase in the money supply, other things being constant
A) causes interest rates to rise. B) generates an increase in the demand for money. C) causes the price level to increase. D) causes the purchasing power of money to increase.
The opportunity cost of producing one additional truck is
A. the profit that could have been earned from selling that truck. B. the amount of other goods that could not be produced because productive resources were used instead to produce that truck. C. the price of the truck. D. all of the choices are true.
U.S. real GDP per capita in 2010 was _____ as much per person as in 1900.
Fill in the blank(s) with the appropriate word(s).