For the following pairs of goods, which producer is more likely to charge a bigger markup?
Answer: someone selling new trendy shoes
You might also like to view...
Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. As a result of the increase in the price of corn, farmers who were already growing corn will earn an:
A. economic loss in the short run. B. economic profit in the long run. C. economic loss in the long run. D. economic profit in the short run.
Supply curves are positively-sloped because of:
a. the inefficient allocation of resources. b. the law of increasing returns. c. the increasing opportunity cost of resources. d. self-interested suppliers seeking economic profit. e. economies of scale.
The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
If this country has an open economy, Silvia and Art can get ________ pounds of beef in exchange of a computer.
A. 120 B. 50 C. 80 D. 25
? If the government removes a binding price floor from a market, then the price paid by buyers will
a. increase, and the quantity exchanged will increase.
b. increase, and the quantity exchanged will decrease.
c. decrease, and the quantity exchanged will increase.
d. decrease, and the quantity exchanged will decrease.