The solution of a game is dependent upon
a. predicted response of competitors
b. the existence of a perfectly inelastic demand curve
c. costs of production being constant
d. economies of scale in production
e. marginal revenue being equal to marginal cost
A
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We would expect
A. the demand for Coca-Cola to be relatively more elastic than the demand for soft drinks in general. B. no relationship between the price elasticity of demand for Coca-Cola and the price elasticity of demand for soft drinks in general. C. the demand for Coca-Cola to be relatively more inelastic than the demand for soft drinks in general. D. none of these to hold true.
The figure above shows the market for college education in the United States. If the government does not intervene in this market, the number of students going to college is ________ and the efficient number of students is ________
A) 13 million students per year; 16 million students per year B) 14 million students per year; 16 million students per year C) 10 million students per year; 14 million students per year D) 10 million students per year; 13 million students per year E) 14 million students per year; 10 million students per year
The cost of basics like milk, bread, potatoes and bananas has jumped in the past year, forcing families to nix luxuries, steer away from organic goods and buy more house brands
"I think it's affecting everybody," said Elize Joseph 48, a nursing attendant. "To spend $40 on groceries is nothing. It doesn't go a long way." When food prices increase, what will happen to Elize's total utility? A) It increases. B) It stays the same. C) It decreases. D) It cannot be determined without knowing her total income.
Suppose that Victoria and her friends are running a fundraiser by selling donuts. They want to know what will happen to their revenue if they increase the price of each donut from $0.80 to $1. What concept do they need to apply to find out their expected revenue?
A. price elasticity of supply B. price elasticity of demand C. cross elasticity of demand D. income elasticity of demand