Which of the following would lead to an increase in the demand for designer blue jeans?
a. a decrease in the price of designer blue jeans
b. a reduction in the price of the cotton used to produce the jeans
c. an increase in the income of youthful Americans
d. an increase in the price of the cotton used to produce the jeans
C
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Which of the following is a transfer payment?
A) Social Security payments B) the food stamp program C) a tax deduction D) an income tax credit
The general trend in health care policy during the twentieth century has been _____
a. towards preventing the spread of communicable diseases b. towards ensuring that pharmaceuticals and physicians are well-regulated c. focused on general health care expenditures d. focused on general public health issues
The rate at which one input can be reduced per additional unit of the other input, while holding output constant, is measured by the
A) marginal rate of substitution. B) marginal rate of technical substitution. C) slope of the isocost curve. D) average product of the input.
Suppose Campus Books, a profit-maximizing firm, is the only supplier of the textbook for a given class. The marginal cost of supplying each book is constant and equal to $10, and Campus Books has no fixed costs. The table shows the reservation prices of the eight students enrolled in the class. CustomerReservation Price($/Book)Q60R54S48T42U36V30W24X18If Campus Books is permitted to charge 2 prices, and the bookstore knows customers with a reservation price above $30 never bother with coupons, whereas those with a reservation price of $30 or less always use them, then how many in total books will the bookstore sell?
A. 7 B. 6 C. 5 D. 8