The supply curve represents the relationship between:
A. income and quantity supplied with everything else held constant.
B. price and quantity supplied with everything else held constant.
C. consumer preferences and quantity supplied with everything else held constant.
D. income and price supplied with everything else held constant.
Answer: B
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The De Beers diamond mining and marketing company of South Africa became one of the most profitable and longest-lived monopolies in history. Which of the following has always threatened De Beers' control of the diamond market?
A) At different times in the past some countries have banned the importation of diamonds from South Africa for political reasons. B) Competition from imitation diamonds. Technology has made it possible to make fake diamonds look exactly like real diamonds. C) Competition from other gemstones, including rubies and emeralds, that have become more popular over time. D) Since few diamonds are ever destroyed, De Beers has constantly faced possible competition from other firms reselling diamonds.
Unlike markup pricing, the strategy of price discrimination is totally independent of the price elasticity of demand for the good in question
Indicate whether the statement is true or false
A market in which orders exist in large volume is said to have
A) depth. B) breadth. C) resiliency. D) efficiency.
The amount of capital used per farm worker increased by how much from 1930 to 1980?
A. Double B. Fivefold C. Tenfold D. Fifteen-fold