A direct relationship is expressed graphically as a:
a. positively sloped line or curve. b. negatively sloped line or curve.
c. horizontal line. d. vertical line.
a
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In exchange for a share of the revenues earned on campus, State U has granted CheapFizz the exclusive right to sell soft drinks in the student union and in vending machines on campus. Prior to the deal, three soft drink companies sold beverages on campus; now no other soft drink company is allowed to sell its products on campus. CheapFizz now has market power due to:
A. network economies in the consumption of soda. B. its exclusive ownership of an input. C. its exclusive license to sell soda. D. economies of scale in the production of soda.
If addiction makes cigarettes such a necessity, is it correct to think that cigarettes are perfectly inelastic in both supply and demand
What will be an ideal response?
In the above figure, the long-run effect of providing university education at no charge to all qualified applicants would be to shift the curve SH
A) and the curve SL leftward. B) and the curve SL rightward. C) leftward and the curve SL rightward. D) rightward and the curve SL leftward.
Refer to Figure 4-3. If the market price is $2.50, what is the consumer surplus on the first ice cream cone?
A) $0.50 B) $1.00 C) $3.50 D) $9.00