Which of the following is a service?
a. anything that is scarce and that satisfies unlimited human wants
b. a thing for which people pay money
c. an intangible activity that satisfies human wants
d. any output produced by a service-sector industry, such as fast food
e. something less desirable than a good
C
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A third-degree price discriminating monopolist can sell its output either in the local market or on an internet auction site (or both)
After selling all of its output, the firm discovers that the marginal revenue earned in the local market was $20 while its marginal revenue on the internet auction site was $30. To maximize profits the firm should A) have sold more output in the local market and less at the internet auction site. B) do nothing until it acquires more information on costs. C) have sold less output in the local market and more on the internet auction site. D) sell less in both markets until marginal revenue is zero. E) sell more in both markets until marginal cost is zero.
New Keynesian inflation dynamics can account for sluggish responses of
A) real GDP to variations in aggregate supply. B) real GDP to variations in aggregate demand. C) inflation to variations in aggregate supply. D) inflation to variations in aggregate demand.
Suppose that at current consumption levels an individual's marginal utility of consuming an extra hot dog is 10 whereas the marginal utility of consuming an extra soft drink is 2 . Then the MRS (of soft drinks for hot dogs)—that is, the number of hot dogs the individual is willing to give up to get one more soft drink is
a. 5 b. 2 c. 1/2 d. 1/5
When quantity is measured in gallons, the price elasticity of demand for milk will be __________ the price elasticity when quantity is measured in quarts
a. the same as b. four times c. one quarter d. two times e. less than