In 2000, farmers in the United States represented approximately what percentage of the population?
A) 8 percent
B) 25 percent
C) 1 percent
D) 5 percent
C
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When theaters charge lower prices for matinee showing, it is not price discrimination, since it is more expensive to operate a theater during the day, as compared to the evening hours.
Answer the following statement true (T) or false (F)
When consumers value present consumption more than future consumption:
a. they are willing to pay more to consume now rather than wait. b. they must be rewarded to consume now rather than wait. c. they are said to have a negative rate of time preference. d. they are patient and certain.
On a graph for the Gini Coefficient, perfect inequality would be represented by the equation ______.
a. G = -1 b. G = 0 c. G = 1 d. G = 100
Suppose Blu-ray discs are sold in a perfectly competitive market. The current market price of Blu-ray discs is $15. If at the current level of production of compact discs you calculate the marginal cost to your company is also $15, and that AVC is rising, in the short run your company should:
A. produce more Blu-ray discs. B. produce fewer Blu-ray discs. C. continue producing the current level of Blu-ray discs. D. raise the price of its Blu-ray discs.