Short run expenditure patterns may change very little when income declines
Indicate whether the statement is true or false
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The makers of the movie Titanic have some monopoly power over this film because the
A) movie is patented. B) name Titanic is trademarked. C) movie is protected by copyright law. D) government has issued the maker of this movie a public franchise. E) owner never price discriminated in marketing the movie.
The cross-price elasticity of demand between two goods that are substitutes can never be:
A. negative. B. less than one. C. positive. D. greater than one.
Which of Bernardo’s actions is part of the input market?
a. He advises a law firm. b. He buys groceries. c. He runs three miles a day. d. He visits the doctor.
Firms in a perfectly competitive market:
A. sell a differentiated product. B. sell homogeneous products. C. usually have large advertising budgets. D. try to attract customers away from their competitors.