A professor will sometimes pay higher prices for some goods compared to an undergraduate student because
a. They value the item more than the student
b. They like wasting money
c. crowded and understaffed discount stores impose higher time costs
d. they like to show off
c
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Refer to Table 12.1. Assuming the inflation rate forecast to be accurate, which nation would pay the highest nominal rate of return?
A) Brazil B) South Africa C) Australia D) the United States
At the beginning of the year, AAA-1 Towing owns trucks and buildings for a total value of $1 million. During the year, it invests $250,000 to replace towing trucks worth $230,000 destroyed in a flood and to cover $50,000 worth of depreciation
AAA-1 Towing's net investment was A) $20,000. B) $250,000. C) -$30,000. D) $200,000. E) $280,000.
A firm sells a product in a purely competitive market. The marginal cost of the product at the current output is $4.00 and the market price is $4.50. What should the firm do?
A. Decrease output if the minimum possible average variable cost is $3.00. B. Decrease output if the minimum possible average variable cost is $3.75. C. Shut down if the minimum possible average variable cost is $3.00. D. Increase output if the minimum possible average variable cost is $3.75.
The elasticity of demand for a product is likely to be greater
A. the smaller the number of substitute products available. B. the greater the amount of time over which buyers adjust to a price change. C. the smaller the proportion of one's income spent on the product. D. if the product is a necessity, rather than a luxury good.