The expression "There's no such thing as a free lunch" means
a. that even if the lunch is free, we pay for it in extra calories
b. that resources used up in producing the lunch are not available to satisfy other wants
c. the same thing as "The best things in life are free"
d. you can eat only if you work first
e. neither sea water nor air is free
B
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If Big Lumber Company offers customers a lower price per unit of lumber if the customer purchases more than 100 pieces of lumber, this is an example of ________.
A) zero-degree price discrimination B) first-degree price discrimination C) second-degree price discrimination D) third-degree price discrimination
Exhibit 3-8 Demand and Supply Data for Video Games ? Price Quantity Demanded of Video Games Quantity Supplied of Video Games $75 400 900 70 450 850 65 500 800 60 550 750 55 600 700 50 650 650 45 700 600 40 750 550 ? In Exhibit 3-8, if there is a surplus of video games of 200 units, the current price of video games must be:
A. $60. B. $50. C. $45. D. $40.
What is the practical significance of income elasticity coefficients? Explain the significance using as examples an income elasticity of 3.0 for automobiles and an income elasticity of 0.20 for home-cooked meals
Please provide the best answer for the statement.
Refer to the graph shown.
As a result of a tariff T imposed on speedboats, the price domestic consumers pay for speedboats probably will likely be:
A. P1. B. P2. C. P3. D. P4.