Which of the following statements best describes the relationship between price and quantity demanded for a given good or service?
a. A rise in price of a good or service almost always decreases the quantity demanded of that good or service.
b. A rise in price of a good or service always decreases the quantity demanded of that good or service.
c. A rise in price of a good or service almost always increases the quantity demanded of that good or service.
d. A rise in price of a good or service always increases the quantity demanded of that good or service.
a. A rise in price of a good or service almost always decreases the quantity demanded of that good or service.
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Assume that maximum feasible hourly productions levels if all resources are utilized in the United States are either 8 yards of fabric or 4 bushels of wheat. Maximum feasible production levels if all resources are utilized in Japan are either 3 yards of
fabric or 6 bushels of wheat. Based on this information A) beneficial trade is absolutely impossible between the two countries. B) the United States will benefit from trading but Japan will not. C) both nations will gain from specialization and trade, with the United States exporting wheat and Japan exporting fabric. D) both nations will gain from specialization and trade, with the United States exporting fabric and Japan exporting wheat.
Fill in this table. Assume that fixed cost is $100.
Refer to Scenario 9.6 below to answer the question(s) that follow. SCENARIO 9.6: Celeste borrowed $40,000 from her brother to open a car wash. She pays her brother a 5% yearly return on the money he lent her. Her other yearly fixed costs equal $18,000. Her variable costs equal $40,000. In her first year, Amy sold 40,000 car washes at a price of $2.50 per car wash.Refer to Scenario 9.6. Celeste's profit is
A. $0. B. $20,000. C. $30,000. D. $40,000.
The socialist countries of Eastern Europe have
A. fewer environmental problems than capitalist countries. B. improved their environment more than the capitalist countries. C. worse environmental problems than capitalist countries. D. worsened since the collapse of communism there.