【单选题】The figure given below shows a situation where the producers of good X are forming an international cartel. Here, MR = Marginal Revenue, MC = Marginal Cost, and P = Price. The cartel use monopoly pri...
【简答题】Suppose the demand curve for a product is given by Q = 300 − 2P + 4I, where I is average income measured in thousands of dollars. The supply curve is Q = 3P − 50. a. If I = 25, find the market-clearin...
【单选题】If a n individual consumes more of good X when his/her income doubles , we can infer that a. the individual is highly sensitive to changes in the price of good X. b. good X is a n ormal good. c. good ...
【单选题】Use the following statements to answer this question. I. A price-consumption curve is derived by varying the price of asparagus. If the price-consumption curve is an upward sloping straight line,...
【单选题】If the price level increases, but workers' money wage rates remain constant, which of the following is TRUE? I. The quantity of labor demanded will increase. II. The real wage rate will decrease. I...