Holding all other things constant, a higher price for ski lift tickets would
a. increase the number of skiers.
b. increase the price of skis.
c. decrease the number of skis sold.
d. decrease the demand for other winter recreational activities.
Ans: c. decrease the number of skis sold.
You might also like to view...
Which of the following is not correct?
a. The economy contains many labor markets for different types of workers. b. The impact of the minimum wage depends on the skill and experience of the worker. c. The minimum wage is binding for workers with high skills and much experience. d. The minimum wage is not binding when the equilibrium wage is above the minimum wage.
A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5 . The firm can sell the 100th unit for $5 . The firm should continue to produce 100 units in order to maximize its profits (or minimize its losses)
a. True b. False Indicate whether the statement is true or false
Which of the following represents an example of a major cartel in global markets?
a. The Organization of Wheat and Corn Exporting Countries (OWCEC) b. The Organization of Petroleum Exporting Countries (OPEC) c. The Brotherhood of Scrap Iron Exporting Countries (BSIEC) d. The Amalgamated Association of Alfalfa Producing Countries (AAAPC)
When a firm is maximizing profit, it will necessarily be:
A. maximizing profit per unit of output. B. maximizing the difference between total revenue and total cost. C. minimizing total cost. D. maximizing total revenue.