A cottage industry is one that
a. produces rural housing
b. takes advantage of the division of labor
c. uses highly specialized resources in a complex production process
d. produces cottage cheese
e. carries out production in workers' homes
E
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The theory of competitive pricing
a. is an imperfect model of market performance. b. is a set of ideal conditions and outcomes. c. is ineffective when large swings in price occur. d. demonstrates the need for subsidies and price ceilings.
Suppose the domestic supply (QS) and demand (QD) for MP3 players in the United States is represented by the following set of equations:QS = -25 + 10PQD = 875 - 5PIn the absence of international trade in MP3 players, what will be the price of MP3 players in the United States?
A. $65 B. $70 C. $60 D. $90