Which economic principle accounts for the fact that all-you-can-eat buffet restaurants can be profitable?
A. the principle of diminishing marginal utility
B. the principle of comparative advantage
C. the law of demand
D. the law of supply
Answer: A
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The automobile industry is an oligopoly.
Indicate whether the statement is true or false.
Situation 35-2 ? Dan and Ann live in the same community and both can participate in two activities, producing and stealing. Refer to Situation 35-2. Ann spends 8 hours of each day producing and 1 hour of each day stealing. It is probably the case for her that
A. at some point the MB/MC ratio for producing fell below the MB/MC ratio for stealing. B. her MB/MC ratio for producing was always greater than her MB/MC ratio for stealing. C. her MB/MC ratio for producing never changed, no matter how much or how little she produced. D. her MB/MC ratio for stealing never changed, no matter how much or how little she stole. E. There is not enough information to answer the question.
A country experiencing a growth rate of 12% per year can go from being one of the poorest to one of the richest in
a. one generation. In the last couple of decades China's growth rate has been higher than 12%. b. one generation. However, in the last couple of decades not even China's growth rate has been this high. c. three generations. In the last couple of decades China's growth rate has been higher than 12%. d. three generations. However, in the last couple of decades not even China's growth rate has been this high.
Fans who purchase their tickets from ticket scalpers are likely to
A. have many other uses of their time that they consider to be close substitutes for the event. B. be much less wealthy than typical fans. C. have had much less time to plan their attendance than typical fans. D. all of the options are correct.