Elasticity is always
a. measured in dollars
b. measured in dollars per unit of quantity
c. measured in units of quantity
d. measured in units of quantity per dollar
e. independent of the units of measurement
E
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Answer the following statement(s) true (T) or false (F)
1. The Robinson-Patman Act was designed to stop resale price maintenance. 2. It is possible for a firm engaging in predatory pricing to make a profit on the good even thought the price is set artificially low. 3. It is possible to avoid the prisoners' dilemma as long as the interaction is repeated and has a definite ending date. 4. Fair trade refers to the fact that retailers are free to set their price in the absence of resale price maintenance. 5. An attorney that finds a loophole in a law has formed a creative response to the law.
One way of expressing the tradeoff between income equality and efficiency is to say the more equally the pie is divided, the
Your bike is worth $100 and if you park it outside at school there is a 25% chance that it will be stolen. Your utility function for money is 
. Assume throughout that the bike value and money are interchangeable since you could sell the bike instantly at its value if necessary. What is the maximum you will pay for the bike check-in now?
What will be an ideal response?
Which of the following is NOT correct for a perfectly competitive firm in long-run equilibrium?
A) SAC = LAC B) MR = P = AR C) MC = MR > LAC D) LAC = P