Fracking involves:
A) extracting certain forms of energy from shale rock formations
B) deep water drilling for energy with minimal externalities
C) the reduction of menu costs thus allowing prices to adjust more freely
D) breaking down the production of goods resulting in more competitive markets
A
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Your real disposable income is your real income after you have paid
A) consumption expenses. B) rent and food expenses. C) net taxes. D) medical expenses.
Refer to the Article Summary. How would the NFL know if it was operating on the elastic portion of the demand curve for Super Bowl tickets?
A) If they decreased ticket prices and the total revenue from ticket sales did not change. B) If they increased ticket prices and the total revenue from ticket sales decreased. C) If they increased ticket prices and the total revenue from ticket sales increased. D) If they increased ticket prices and the total revenue from ticket sales did not change.
When oligopolists join together in a cartel, they
a. have chosen to ignore interdependence. b. have admitted that their behavior is interdependent. c. are planning to violate the law of supply and demand. d. are trying to behave like perfect competitors.
Your friend is thinking of opening a video store. She estimates it would cost $500,000 a year to rent the store and buy video stock. She is planning to quit her $50,000 a year job as an accountant to run the store. If there are no other costs of operation and the store's revenue is $530,000, the accounting profits will be
a. $50,000 b. $20,000 c. -$20,000 d. $30,000 e. $530,000