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A wireless phone manufacturer introduced a next-generation phone that received a high level of positive publicity. Despite running several high-speed production assembly lines, the manufacturer is still falling short in meeting demand for the phone nine months after introduction. Which of the following statements is the most plausible explanation for the demand/supply imbalance?
AThe phone price is low relative to the equilibrium price.
BCompetitors introduced next-generation phones at a similar price.
CConsumer incomes grew faster than the manufacturer anticipated.
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The market demand function for four-year private universities is given by the equation
is the number of applicants to private universities per year in thousands, Ppr is the average price of private universities (in thousands of USD), I is the household monthly income (in thousands of USD), and Ppu is the average price of public (government-supported) universities (in thousands of USD). Assume that Ppr is equal to 38, I is equal to 100, and Ppu is equal to 18.The price elasticity of demand for private universities is closest to:A–3.1.
B–1.9.
C0.6.
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The market demand function for four-year private universities is given by the equation
is the number of applicants to private universities per year in thousands, Ppr is the average price of private universities (in thousands of USD), I is the household monthly income (in thousands of USD), and Ppu is the average price of public (government-supported) universities (in thousands of USD). Assume that Ppr is equal to 38, I is equal to 100, and Ppu is equal to 18.
If the cross-price elasticity between two goods is negative, the two goods are classified as:Anormal.
Bsubstitutes.
Ccomplements.
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The marketing director for a Swiss specialty equipment manufacturer estimates the firm can sell 200 units and earn total revenue of CHF500,000. However, if 250 units are sold, revenue will total CHF600,000. The marginal revenue per unit associated with marketing 250 units instead of 200 units is closest to:
ACHF 2,000.
BCHF 2,400.
CCHF 2,500.
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An agricultural firm operating in a perfectly competitive market supplies wheat to manufacturers of consumer food products and animal feeds. If the firm were able to expand its production and unit sales by 10% the most likely result would be:
Aa 10% increase in total revenue.
Ba 10% increase in average revenue.
Can increase in total revenue of less than 10%.
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The demand schedule in a perfectly competitive market is given by P = 93 – 1.5Q (for Q ≤ 62) and the long-run cost structure of each company is: Total cost: 256 + 2Q + 4Q2 Average cost: 256/Q + 2 + 4Q Marginal cost: 2 + 8Q New companies will enter the market at any price greater than:
A8
B66
C81
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SigmaSoft and ThetaTech are the dominant makers of computer system software. The market has two components: a large mass-market component in which demand is price sensitive, and a smaller performance-oriented component in which demand is much less price sensitive. SigmaSoft’s product is considered to be technically superior. Each company can choose one of two strategies: Open architecture (Open): Mass market focus allowing other software venders to develop products for its platform. Proprietary (Prop): Allow only its own software applications to run on its platform. Depending upon the strategy each company selects, their profits would be:
The Nash equilibrium for these companies is:Aproprietary for SigmaSoft and proprietary for ThetaTech.
Bopen architecture for SigmaSoft and proprietary for ThetaTech.
Cproprietary for SigmaSoft and open architecture for ThetaTech.
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Which of the following statements best describes the benefits of international trade?
ACountries gain from exchange and specialization.
BCountries receive lower prices for their exports and pay higher prices for imports.
CAbsolute advantage is required for a country to benefit from trade in the long term.
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A country has a comparative advantage in producing a good if:
Ait is able to produce the good at a lower cost than its trading partner.
Bits opportunity cost of producing the good is less than that of its trading partner.
Cits opportunity cost of producing the good is more than that of its trading partner.
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Suppose Mexico exports vegetables to Brazil and imports flashlights used for mining from Brazil. The output per worker per day in each country is as follows:
Which country has a comparative advantage in the production of vegetables and what is the most relevant opportunity cost?ABrazil: 2 vegetables per flashlight.
BMexico: 1.5 vegetables per flashlight.
CMexico: flashlight per vegetable.13
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Which of the following counterparties is most likely to be considered a sell-side foreign exchange market participant?
AA large corporation that borrows in foreign currencies.
BA sovereign wealth fund that influences cross-border capital flows.
CA multinational bank that trades foreign exchange with its diverse client base.
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In practice, both a fixed parity regime and a target zone regime allow the exchange rate to float within a band around the parity level. The most likely rationale for the band is that the band allows the monetary authority to:
Abe less active in the currency market.
Bearn a spread on its currency transactions.
Cexercise more discretion in monetary policy.
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Which of the following statements about international trade is least accurate? If two countries have different opportunity costs of production for two goods, by engaging in trade:
Aeach country gains by importing the good for which it has a comparativeadvantage.
Beach country can achieve a level of consumption outside its domesticproduction possibility frontier.
Cthe low opportunity cost producer of each good will export to the high opportunity cost producer of that good.
is the number of health club members and Phm is the price of membership. If the price of health club membership is $35, the price elasticity of demand is closest to:
Diminishing marginal returns first occur beyond machine hour: