De Beers accounts for approximately 80% of diamond sales worldwide. The source of its market power is

One thousand adults live in Milltown. Every day, they all leave work at 4:30 p.m., arrive home at exactly 5:00 p.m., and go to bed at 9:00 p.m. Three fundraisers—Alpha, Beta, and Charlie—have targeted Milltown’s population. To get a donation, they must call Milltown’s residents after they get home from work but before they go to bed. Because the charities raising the funds are identical, the first to call a willing donor will get the donation. Beta’s manager has decided that the best time to call is 7:00 p.m. because it is exactly halfway between 5:00 p.m. and bedtime. Which of the following is true?

If a monopolist calculates its marginal revenue to be $15 and marginal cost to be $16, then the monopolist should

Lunch in Jamie’s dorm is an all-you-can-eat buffet, served from 11 a.m. until 1 p.m. By noon, the buffet is picked over, and by 12:30, there are very few popular items left. The garbage bins, though, are full of food. If the cafeteria changed its policy so that students had to pay for each item chosen, students would

Refer to the accompanying figure. Assume the market is originally at point W. Movement to point X is the result of

Suppose the price of a Snickers candy bar is $2 at both the airport and the grocery store. The price elasticity of demand for a Snickers candy bar at an airport is likely to be ______ the price elasticity of demand for a Snickers candy bar at the grocery store.

Suppose Suzanne allocates her spending on apples and bananas according to the rational spending rule. If the price of apples is less than the price of bananas, then at Suzanne’s optimal consumption bundle, her marginal utility from apples will be

The accompanying table shows how the payoffs to two political candidates depend on whether the candidates run a positive or negative campaign. The payoffs are given in terms of the percentage change in the number of votes received.   Elections Matrix   Republican Candidate Positive Campaign Negative Campaign Democratic Candidate Positive Campaign 0% for D −5% for D 0% for R  +5% for R Negative Campaign +5% for D −2% for D −5% for R −2% for R   Running a negative campaign is ______ for the ______ candidate.

If taxpayers pay a smaller fraction of their income in taxes as their incomes rise, the tax is ______Blank and if taxpayers pay a larger fraction of their income in taxes as their income rise, the tax is ______Blank.

The accompanying figure shows the supply and demand curves for jeans in Smallville. The equilibrium price will NOT lead to the largest possible total economic surplus if