The figure below shows the demand for items from a warehouse club. All of the people who shop at the warehouse club have the same demand. If the managers use two-part pricing, the price per item (the user fee) is ________ and the company sells ________ units to each customer.
A) $6 per unit; 10
B) $10 per unit; 10
C) $6 per unit; 20
D) $10 per unit; 20
C) $6 per unit; 20
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The production possibilities curve illustrates the basic principle that
A. an economy’s capacity to produce increases in proportion to its population. B. if all resources of an economy are in use, more of one good can be produced only if less of another is produced. C. an economy will automatically seek that output at which all of its resources are employed. D. no opportunity cost exists in production.
Refer to the table above. Net exports equal
A) -$2,800 billion. B) $2,800 billion. C) $200 billion. D) -$200 billion. E) $400 billion.
A worker is hired in a
A) goods and services market. B) government market. C) product market. D) factor market.
Which of the following is the best example of a nonrenewable resource?
A. forests B. oil C. solar power D. clean air