Hina buys a certain brand of wine because it won several awards. What type of product differentiation is she being influenced by?
a. physical differences
b. prestige
c. location
d. service
b. prestige
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Which of the following statements is true?
A. Accounting profit is always positive. B. Economic profit is always positive. C. Accounting profit is greater than or equal to economic profit. D. Economic profit is greater than or equal to accounting profit.
The figure at right shows the demand and marginal cost curves for a monopoly. The deadweight loss of this monopoly equals
A. C
B. c+f.
C. h
D. c+d+e+f.
The process of holding a stock and accruing a further return over the second year is called
a. interest b. making money c. interest plus (+) d. compounding e. stock holding
Figure 5-3
In Figure 5-3, a decline in price from 3 to 1 will increase market quantity demanded by
a.
30.
b.
40.
c.
50.
d.
60.