In response to news reports that taking aspirin daily can reduce an individual's risk of a heart attack, there will most likely be a(n)
A. increase in the demand for aspirin.
B. increase in the quantity demanded of aspirin.
C. increase in the supply of aspirin.
D. decrease in the supply of aspirin.
Answer: A
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With total fixed cost of $400, a firm incurs an average total cost of $3 and average variable cost of $2.50. The amount of output produced by the firm must be
A. 800 units. B. 1,600 units. C. 400 units. D. 200 units.
Arbitrage operations can be executed
A) in foreign exchange markets. B) in goods markets. C) Both A and B. D) None of the above.
Each firm in an oligopoly market knows that any change in its product quality, price, output, or advertising policy may prompt a reaction from its rivals. Each firm also may react if another firm alters any of these features
Indicate whether the statement is true or false
Suppose the automobile industry can import 10% of the total quantity demanded of cars in the U.S. This is an example of a(n) ________.
A. trade limit B. quota C. import tax D. tariff