Suppose three roommates cannot agree on the size of a pizza to order. Domino argues for a medium pizza, Godfather contends a large pizza will be needed, and Little Caesar wants a super-large pizza. Assuming no paradox of voting, majority voting will
result in a decision to order:
A. a medium pizza.
B. a large pizza.
C. a super-large pizza.
D. two medium pizzas.
Answer: B
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For a firm to be engaged in predatory pricing, and for it to be successful: a. It would have to charge a price less than the average variable cost of production. b. It would have to drive rivals out of the market
c. It would have to raise its prices after rivals were driven out of the market. d. All of the above would have to be true.
Refer to the following graph to answer the question:
The price elasticity of demand over the price interval $90 to $110 is
A. -2.0 B. -1.0 C. -0.5 D. -1.5 E. -0.4
The invention of genetically engineered corn that prevents yield loss due to corn rootworm will
A. shift the supply curve of US corn to the right. B. shift the supply curve of US corn to the left. C. shift the demand curve for US corn to the right. D. shift the demand curve for US corn to the left.
In 2012, the primary sources of U.S. electricity generation, in order from largest to smallest, were:
A. coal, natural gas, nuclear, and hydropower. B. coal, hydropower, nuclear, and renewables (wind and solar). C. natural gas, coal, hydropower, and petroleum. D. hydropower, nuclear, coal, and petroleum.