An increase in the price of ice cream would cause a decrease in the demand for ice cream and an increase in the demand for frozen yogurt, a substitute
a. True
b. False
Indicate whether the statement is true or false
False
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The figure above shows the demand for fruit snacks. Which movement reflects an increase in the price of a substitute for fruit snacks?
A) from point a to point e B) from point a to point b C) from point a to point c D) from point a to point d
The market demand for wheat is ________ and the demand for wheat produced by an individual farm is ________
A) perfectly elastic; perfectly inelastic B) not perfectly elastic; perfectly elastic C) not perfectly inelastic; inelastic D) elastic; unit elastic
Buying a cup of coffee with a dollar bill represents the use of money as a:
a. medium of exchange. b. unit of account. c. store of value. d. all of these.
An oral auction
a. is also called an English auction
b. is where bidders submit increasing bids until all but one remains
c. is where the sole remaining bidder wins and pays his winning bid
d. all of the above