The economics approach can be a useful way to analyze and understand the tradeoffs of economic decisions.
Select whether the statement is true or false.
A. True
B. False
A. True
This statement is true. The economics approach can be a useful way to analyze and understand the tradeoffs of economic decisions.
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Nominal GDP is the value of final goods and services
A) at the prices of that year. B) at the prices of the immediately previous year. C) at the prices of a base year. D) produced in foreign countries but consumed in the domestic country.
If a firm offers a senior citizen discount,
A) the firm expects the average senior citizen to have a lower price elasticity of demand. B) the firm expects the average senior citizen to have a higher price elasticity of demand. C) senior citizens may be offended. D) it may be prosecuted for discrimination.
Consider a Cournot duopoly with the following inverse demand function: P = 100 ? 2Q1 ? 2Q2. The firms' marginal costs are identical and are given by MCi = 2. Based on this information, consumer surplus in this market is:
A. $2,134.22. B. $16.33. C. $32.67. D. $1,067.11.
When two firms in an industry become one firm, they are engaged in:
A. a trust agreement. B. a merger. C. predatory pricing. D. None of these.