One way DeBeers managed to maintain control over the diamond industry was to:
A. continue to be the sole diamond producer by buying all existing diamonds.
B. create the illusion of no close substitutes through marketing.
C. punish consumers who sought to store their wealth in diamonds.
D. All of these statements are true.
B. create the illusion of no close substitutes through marketing.
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If the price of garlic is represented by equation P = 25 - QD, then the corresponding quantity of garlic demanded is represented by the equation
A) QD = -25 + P. B) QD = P + 25. C) QD = P - 25. D) QD = 25 - P.
Which of the following would cause the supply of dollars curve in the United States to shift to the right?
a. Japanese imports become less popular. b. The value of the dollar falls. c. The supply of dollars decreases. d. Japanese imports became more popular.
If, at the current price, there is a shortage of a good, then a. sellers are producing more than buyers wish to buy. b. the market must be in equilibrium
c. the price is below the equilibrium price. d. quantity demanded equals quantity supplied.
According to economists, which of the following acts was partially responsible for the Great Depression of the 1930s?
a. The Robinson-Patman Act b. The National Recovery Act c. The Smoot-Hawley Tariff Act d. The Sarbanes-Oxley Act e. The Sherman Antitrust Act