Refer to Figure 4.6, which shows David's and Celeste's individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, what is the market quantity supplied at a price of $30?
A. 200
B. 250
C. 300
D. 350
Answer: B
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Refer to Table 14-4. If Alistair assumes that Baine would increase its advertising budget, what should it do?
A) Alistair should not change its advertising budget. B) Alistair should keep its own budget the same and allow Baine to incur the higher cost. C) Being a duopolist, Alistair is not affected by Baine's choices because it has a secure 50 percent market share. D) Alistair should also increase its advertising budget.
In building an economic model, variables that are taken as given are referred to as ________ variables
A) exogenous B) endogenous C) concrete D) presumptive
Juanita is trying to convince the owner of a jewelry store to hire her. She argues that she could help the shop sell an additional three rings per day for a profit of $20 each. If the facts are not in dispute, but the owner does not hire her, then
a. the wage rate must be less than $60 per day. b. hiring Juanita would involve a negative marginal product. c. the wage rate must be more than $60 per day. d. the wage rate must be less than $20 per day.
Who said "The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually slaves of some defunct economist."
A. Adam Smith B. Karl Marx C. John Maynard Keynes D. John Stuart Mill