Consider the two statements: I. X is an inferior good. II. X exhibits Giffen's Paradox. Which of the following is true?
a. I implies II, but II does not necessarily imply I.
b. II implies I, but I does not necessarily imply II.
c. I and II are statements of the same phenomenon.
b
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A cable company can add a subscriber for ________ and a market failure occurs because the price charged ________
A) nearly zero marginal cost; exceeds marginal cost B) less than average cost; reduces consumer surplus C) nearly zero marginal cost; is extortionist D) average variable cost; increases producer surplus
In 1865 Jevons wrote a book, The Coal Question, in which he predicted that England would soon
a. switch from coal to alternative sources of energy b. discover new sources of coal that would create a glut c. go to war with Spain over access to coal deposits d. increase its productivity and become a greater economic power e. run out of coal
What is the "unit of account" function of money?
A. a common measurement of the relative value of different goods and services B. the ability of money to hold value over time C. the quality of money not to be hoarded because of its commodity value D. the function of money to be widely accepted I exchange for goods and services
How much is the APC when disposable income is $10 billion?
