Which of the following would cause a decrease in the demand for fish?
A) The price of red meat increases.
B) The price of fish increases.
C) The price of chicken decreases.
D) The number of fishing boats decreases.
C
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The demand curve of a commodity slopes downward because of:
a. the insatiable nature of human wants. b. the presence of double coincidence of wants. c. the law of demand. d. the scarcity of goods and services in an economy. e. the law of diminishing marginal utility.
Even if better programs become available, Microsoft's Windows software may retain market dominance because of
a. network externalities. b. its user-friendliness. c. switching costs. d. both a & c.
Which of the following is true regarding private ownership?
a. Relative to common ownership, private ownership generally leads to less conservation of resources. b. With private ownership, owners are held accountable for using their resources in a manner that harms the resources of others. c. Private ownership generally gives the owner little incentive to find ways to use the resource wisely. d. With private ownership, resource owners have little incentive to consider the preferences of others when deciding how to employ a resource.
The regulatory agency most concerned with false advertising is the
A) Antitrust Division of the Justice Department. B) National Labor Relations Board. C) Federal Deposit Insurance Corp. D) Federal Trade Commission.