The figure above shows the price of a DVD player from 2003 to 2007
a) What type of graph is illustrated above?
b) What is the trend in the price of a DVD player?
a) The graph is a time-series graph because it plots time along the horizontal axis and the price of a DVD player along the vertical axis.
b) The trend in the price of a DVD player is negative, that is, the price of a DVD player has generally decreased from one year to the next.
Economics
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In an auction where the bidders values are $740, $700, $660, $650, $400, $325 and $300, the highest three bidders decide to form a bid-rigging cartel. What would the winning bid be in this auction?
a. $741 b. $701 c. $651 d. $631
Economics
Beach resorts raise their prices during the summer months and yet more people book rooms at those times. Is this a violation of the law of demand?
Economics