the publication car and driver reduces transactions costs for high-performance c
ID: 1183440 • Letter: T
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the publication car and driver reduces transactions costs for high-performance car buyers a) by advertising sales at discount dealerships b) by providing reliable information so that car buyers do not have to spend as much time doing research c)by lobbying car makers to hold the line on prices d) by offering dollar-off coupons to subscribers government-enforced prices such as price ceilings a) are only imposed on goods where market price has no useful function b) aid in the rationing function performed by prices in a market system c) ration economic resources are efficiently than prices in a market system d) disrupt the rationing function performed by prices in a market system we observe a 20 percent increase in units purchased and an 8 percent decrease in price. The price elasticity of demand in terms of absolute value is a) 2.5 b) -2.5 c) 0.4 d)1.0 the price of a video is $3 and the price of a dinner is $ 9. From this we know that a consumer who is maximizing utility will a) buy enough of the two goods such that the marginal utility from the last c)is three times greather that the marginal utility from the last dinner b) buy three times as many dinner as videos c) buy three times as many videos as dinners d) buy enough of the two goods such that the marginal utility from the last dinner consumed is three times greater that the marginal utility from the last video zippy is earning 30,000 per year working for joe's car repair. He also has a savings of 150,000, on which he is earning 10% annual interest. He decides to leave. In the first year, Zippys earns a revenues of 200,000 and has explicit costs of 150,000. what is zippy's economic profit (or loss) in the first year? Eleanor's style shoppe earned an economic profit of $0 this year. This means that a) Eleanor lost money b) Eleanor earned a normal rate of profit for firms in this industry c) Eleanor did not earn an accounting profit this year in a small town, a paper mill produces water pollution if the government does not intervene, the equilibrium price of paper will be ______ and the equilibrium quantity of paper will be_________ a) less than socially optimal price, less than socially optimal quantity b) equal, equal c) greater, greater d) less, greater d)greater, less would the government best correct this externality by subsidizing or taxing the production of paper?Explanation / Answer
1 :---- b) by providing reliable information so that car buyers do not have to spend as much time doing research 2 :--- c) ration economic resources are efficiently than prices in a market system 3 :---a) 2.5 4 : -- d) buy enough of the two goods such that the marginal utility from the last dinner consumed is three times greater that the marginal utility from the last video 5 :--- b) Eleanor earned a normal rate of profit for firms in this industry 6 :--- d)greater, less 7 :--- taxing
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