In a supply and demand model for the market for money, we typically use the ________ to look at savers' behavior.
A. production possibilities frontier
B. demand curve
C. supply curve
D. surplus curve
Answer: C
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From the economic point of view, "joint costs" are problematic because
A) they can only be determined in markets for illicit drugs. B) there is no way to correctly allocate joint costs. C) they can be measured only by the most sophisticated accounting techniques. D) there is no way to discuss the concept meaningfully.
Suppose a consumer is willing to pay a maximum of $45 for a brand of perfume whose price increases from $37 to $41 . What will be the impact of this price rise on the consumer surplus?
a. Consumer surplus will increase by $8. b. Consumer surplus will decline by $8. c. Consumer surplus will increase by $4. d. Consumer surplus will decline by $4.
Which of the following is true?
A. Monopolists never lose money in the short-run or long-run. B. Monopolies can only be overcome by government action. C. Having a recognizable brand name is a barrier to entry that can preserve monopoly power. D. Patents are granted to investors who have control over an essential resource.
The income elasticity of demand for bicycles is +10, which implies that bicycles are
A) an inferior good. B) a normal good. C) a substitute good for motorbikes. D) a complement good for motorbikes.