Blog

Stephanie sold a rare type of fish and Thomas owned a seafood restaurant. On November 15, 2021 Stephanie and Thomas formed a contract for Stephanie to deliver ten pounds of the rare fish on January 2, 2022, and Thomas would pay her $150 on January 2, 2022. On December 1, 2021, Congress passed a law that it is illegal to buy, sell, or serve to customers the rare fish to try to increase the population of the rare fish. The law went into effect on December 2, 2021. Are either Stephanie or Thomas liable for the contract?

Refer to the accompanying figure to answer the following questions. When a competitive market comes under the control of a monopoly, the quantity changes from

Which of the following describes the marginal product of labor?

Refer to the accompanying figure to answer the following questions. The revenue received by the profit-maximizing monopolist is

Which of the following industries is most likely an oligopoly?

Which of the following is NOT a necessary characteristic of monopolies?

All of the following options describe an oligopoly, except for one. Choose the one characteristic that does not describe firms in an oligopoly market structure.

When the price of pencils increases from $1.50 to $2.50, there is an increase in quantity demanded of pens from 100 to 150. The cross-price elasticity of demand between pencils and pens is

Priming effects

One group of people uses New York City subways only during rush hour to travel to and from work. Another group uses them only in midday for leisure activity. If New York City wants to increase transit fares with the smallest possible reduction in revenue, for which group should it increase the fare?