The market demand for MP3 player is p = 50 - 0.5Q, and the marginal cost for Nick to obtain and sell a MP3 player is $10
If he receives $12 for each MP3 player he sells from the store owner and the store owner controls the quantity of MP3's available for sale, then A) 40 MP3 players will be sold.
B) joint profit is $798.
C) joint profit will be maximized.
D) Nick will sell as many as he can.
B
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New classical economists
a. accept the monetarist notion that markets are perfectly competitive except for a lack of perfect information. b. do accept the difference between the short-run and long-run results in the monetarist analysis of the effects of aggregate demand on output and employment. c. accept the difference between the short-run and long- run results in the Keynesian analysis of the effects of aggregate demand on output and employment, but not in the monetarist analysis. d. accept the difference between the short-run and long-run results in the monetarist analysis of the effects of aggregate demand on output and employment, but not in the Keynesian analysis. e. Both a and b
Refer to the graph below. The graph shows your weekly demand for pizza. How was this demand curve constructed?
