An example of a supplier that used its bargaining power to charge high prices to its customers is
A) the firms that supply paper napkins to McDonald's restaurants.
B) the publishers of the Encyclopedia Britannica.
C) Wal-Mart, which required many of its suppliers to alter their distribution systems to accommodate Wal-Mart's need to control the flow of goods to its stores.
D) the Technicolor Company, the sole producer of cameras and film that movie studios needed to produce color movies in the 1930s and 1940s.
D
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? Refer to Table 4-1. At $4, what is the shortage?
A. 0 B. 1,500 C. 3,000 D. 4,500 E. 6,000
Which of the following firms is most likely to be a monopoly?
A) local restaurant B) local distributor of natural gas C) local book store D) clothing store E) local bank
Firms self-insure to
a. save money on premiums. b. avoid state level insurance regulation. c. create uniform benefit packages for employees who live in different states. d. all of the above.
When price was 6, quantity demanded was 10. When price decreased to 5, quantity demanded increased to 13. Therefore, when price decreased, total revenue
A. decreased from 65 to 60, indicating that demand is inelastic. B. increased from 60 to 65, indicating that demand is inelastic. C. decreased from 65 to 60, indicating that demand is elastic. D. increased from 60 to 65, indicating that demand is elastic.