Lara will agree to a second date with Tom only if, on their first date, Tom is well mannered and well dressed. Lara is using a

Suppose the grocery store market in Kansas City is perfectly competitive. Then one store buys all the others and becomes a single-price monopoly. The figure above shows the relevant demand and cost curves

When the market is a monopoly, the price of a pound of steak is A) $4. B) $8. C) $12. D) $20. E) $2.

If the cross-price elasticity of demand between good x and good y is 0.4, then

a. the demand for good x is highly responsive to changes in the price of good y b. a 10 percent increase in the price of good y leads to a 0.4 percent increase in the quantity demanded of good x c. a 10 percent decrease in the price of good y leads to a 4 percent decrease in the demand for good y d. good x and good y are complements e. good x is a normal good and good y is an inferior good