Refer to Scenario 5.2. Randy's expected expense for his car is
A) $20,000.
B) $19,000.
C) $18,000.
D) $17,500.
E) $15,000.
B
You might also like to view...
During 2013, exports increase from $1.0 trillion to $1.5 trillion. If the slope of the aggregate planned expenditure (AE) curve is 0.75, real GDP increases by
A) $8.0 trillion. B) $2.0 trillion. C) $6.0 trillion. D) $1.0 trillion. E) $4.0 trillion.
A free good (price = $0) will be consumed up to the point at which its marginal utility is zero
a. True b. False
Which of the following represents the key difference between the short run and the long run?
a. In the long run, the firm makes commitments to a certain type of production technology which are represented as fixed costs in the long run. For example, they have signed a lease on a particular production facility. These fixed costs do not exist in the short run. b. In the short run, the firm makes commitments to a certain type of production technology, which are represented as fixed costs in the short run. For example, they have signed a lease on a particular production facility. These fixed costs do not exist in the long run. c. The short run refers to less than two years and the long run in over two years. d. None of the above are correct.
If the government sets a maximum price at which a good or service can be sold, it thereby creates
A) a price floor. B) a black market price. C) a price ceiling. D) an illegal price control.