What most accurately describes the trend in inter-city prices between 1815-1860?
a. Prices of goods in different eastern cities diverged.
b. The prices of goods in the Midwest converged towards the prices of goods in the east.
c. Prices of goods in the Midwest decreased relative to the prices of goods in the east.
b. The prices of goods in the Midwest converged towards the prices of goods in the east.
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A market has four individuals, each considering buying a grill for his backyard. Assume that grills come in only one size and model. Abe considers himself a grill-master, and finds a grill a necessity, so he is willing to pay $400 for a grill. Butch is a meat-lover, honing his grilling skills, and is willing to pay $350 for a grill. Collin just met the girl of his dreams, and she loves a good grilled steak, so in his effort to impress her he is willing to pay $320 for a grill. Daniel loves grilled shrimp and thinks it might be cheaper in the long run if he buys a grill instead of eating out every time he wants grilled shrimp, so he is willing to pay $200 for a grill.
If the market price of grills is $350, given the scenario described, total consumer surplus would be: A. $750. B. $400. C. $50. D. $870.
A downward-sloping portion of a long-run average total cost curve is the result of:
a. economies of scale. b. diseconomies of scale. c. diminishing returns. d. the existence of fixed resources.
The aggregate expenditure schedule shows how aggregate expenditure in an economy: a. increases as real gross domestic product increases. b. decreases as real gross domestic product increases. c. increases as the inflation rate increases
d. decreases as the interest rate increases.
A firm is said to operate with constant returns to scale if its production cost increases by four times when its output is doubled.
Answer the following statement true (T) or false (F)