An industry is characterized by internal economies of scale and exists in two countries. If the two countries engage in trade, how does each country
September 10, 2020
Two candidates, 1 and 2, compete for a job. The employer is not willing to pay a wage higher than $15 and is obliged by law to pay at least the…
September 10, 2020

1. In 2001, Bob’s Burgers charged $1.50 for a quarter-pound hamburger with all the fixin’s, and

sold 7,500 of them. In 2002, although Bob raised the price to $1.75, sales of quarter-pound

burgers rose to 8,200. Explain why this does not represent a violation of the law of demand.

2. A change in the price of carrots will cause a movement along the demand curve for substitute

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