Which of the following will not increase the demand for iced tea?
a. an increase in advertising that makes drinking iced tea more appealing
b. an increase in the price of iced coffee, a substitute product
c. an increase in the income of consumers (assume that iced tea is a normal good)
d. a decrease in the price of iced tea
d
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Your text suggests if the price of insulin were to significantly increase, more diabetics will
A) avoid refilling their prescriptions. B) turn toward substitutes such as a better diet and exercise. C) adopt holistic healthcare, organic medicines, and other perceived substitutes. D) do all of the above. E) do none of the above.
A firm's labor demand curve is also its marginal revenue product curve. For both the perfectly competitive firm and the output price maker, the labor demand curve slopes downwards
However, there is a difference in the reasons why the labor demand curve slopes downwards. What is this difference?
A monopoly will usually produce
A) where its demand curve is inelastic. B) where its demand curve is elastic. C) where its demand curve is either elastic or inelastic. D) only when its demand curve is perfectly inelastic.
The slope of the demand curve for a monopoly firm will have which of the following characteristics?
a. Horizontal and parallel to the x-axis b. Vertical and parallel to the y-axis c. Upward sloping d. Downward sloping