Which of the following is a final good or service?
a) a haircut purchased by a father for his 12 year-old son
b) fertilizer purchased by a farm supplier
c) diesel fuel bought for a delivery truck
d) Chevrolet windows purchased by a General Motors assembly plant
a) a haircut purchased by a father for his 12 year-old son
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Assume that the graphs show a competitive market for the product stated in the question below.
Select the graph above that best shows the change in the market following a tax placed on the suppliers in the market.
A. graph (1) B. graph (2) C. graph (3) D. graph (4)
Andy can't make a deal with Danny. Andy has a Alex Rodriguez baseball card and would like to trade it to Danny for Danny's Albert Pujols card, but Danny doesn't want a Alex Rodriquez card
Andy's problem illustrates the drawback to a barter system known as A) the specialization problem. B) the double coincidence of wants problem. C) the many prices problem. D) the transactions problem.
According to Say's Law, in the aggregate
a. demand creates its own supply b. the production of output will generate exactly enough income to purchase what has been produced c. the economy is incapable of producing output fast enough to ensure full employment d. full employment cannot be sustained without government action e. consumer saving prevents the economy from reaching full employment
Refer to the table shown, which shows the demand schedule for a product sold by a monopolist. Marginal revenue is positive:Price of product($)Quantity demanded per year$143$124$105$86$67
A. when price is $10. B. when price is below $10. C. when price is above $10. D. for every price.