Suppose that Milton likes to consume one glass of milk with every three chocolate chip cookies. For Milton, an additional cookie has no value unless he can consume it with the appropriate proportion of milk. Milton's indifference curves for milk and cookies are

Refer to Figure 14-5. Does it make sense for Netflix to lower its price in order to deter Spotify's entry into the streaming video market?

A) yes, because it is always profitable to remain a monopoly B) yes, because Netflix stands to make a profit of $7 million by lowering its price and keeping Spotify out of the market C) no, because Spotify will enter the market regardless of Netflix's decision about its subscription price D) no, because Netflix will make a higher profit by keeping its subscription price unchanged, whether Spotify enters the market or not

An industrially advanced country (IAC) is defined as a country with a GDP per capita among the top ____ countries in the world.

A. 10 B. 27 C. 39 D. 50