Which of the following transactions represents the purchase of a final good or service?
A) General Motors purchases tires from Goodyear to install on its new Chevy Suburbans.
B) Aunt Matilda buys a new convection oven for her condo in Boca Raton.
C) Dunkin' Donuts purchases coffee beans.
D) Tiffany's buys platinum wire to use in the production of its necklaces.
B
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Use the above figure. The total profit earned by the monopolistically competitive firm is
A) +$300. B) +$15. C) -$15. D) $0.
Which of the following is TRUE of the activities of ticket scalpers?
A) These activities cannot generate profits for the scalpers unless ticket prices are currently below market clearing levels. B) These activities help reduce the quantities of excess tickets supplied for events in which ticket surpluses currently exist. C) Engaging in these activities enable scalpers to push the price above the market clearing level. D) Engaging in these activities enable scalpers to push the price below the market clearing level.