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1. Two goods are substitutes if an increase in the price of one good leads to an increase in demand for the other.
A) True
B) False
2. If the quantity supplied of a product is greater than the quantity demanded for a product, there is pressure in the market to push the price upward.
3. The market system works by getting each person, motivated by his or her own self-interest, to produce products for other people.
4. Markets exist to facilitate exchange between people.
5. The cost of a master's degree in engineering equals the tuition plus the cost of books.
annual profits which estimate to be 85 million per yr for a 20 yr period. at a corporate MARR of 10% per year, Does project indicate it will make at least the MARR.
Neville has demand function q = .02m - 2p, where m is income and p is price. Income is $8,000 and he initially had to pay a price of $40 per bottle of claret. The price of claret rose to $80. The substitution effect of the price change is?
A monopoly has the market demand Q = 1000-1000P, with a marginal cost, MC = 0.28. What is the optimal price and quantity for perfect competition? What is the optimal price and quantity for monopoly?
This would be ideal because he would have the same number of pretzels as he would soda leaving no money left to spend.
Assume an open, mixed economy (C+I+G+X=real GDP) and an MPS of .2 What is the multiplier? if the government spending (G) increases by $50B, how much will the real GDP increase? If taxes also increase by $50B, consumption (C) will fall by how much?
Suppose that you own a 25 year old movie theatre in Micropolis. It has 6 screens and a concession stand. Across town there is a 7 year old movie theatre with 4 IMAX screens and 20 more regular screens. For each of the characteristics listed below, ev..
Why is market demand the result of summing individual demand curves horizontally as oposed to summing them vertically?
What determines the impact of technological change on the demand for education or skills? Assess the views about the effects of technology on the labour process. Com-pare and contrast the views of Braverman, Engerman, Leontieff, Marx, and Mokyr.
the european engine company eec is a multi-national manufacturer of small gasoline and diesel motors. eec has predicted
All else equal, what is short-run effect of an increasing US output Y on US interest rate. All else equal, what is short-run effect of an increasing US prices P on US interest rate.
Monopoly, monopolistic competition, pure competition, oligopoly. Give examples of these things also how do they impact markets, firms and you, as a consumer and/or as a business person.
If government industry regulators underestimate the degree of competition in an industry are they likely to over-regulate the industry? Explain.
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