Junie is shopping for dinner. She picks up a package of hot dogs on sale, instead of the burgers she was intending to buy. She then heads over to buy a package of hot dog buns. Junie's change in the demand for hot dog is due to a change in:
A. the price of related goods.
B. Junie's income.
C. Junie's preferences.
D. Junie's expectation of future prices.
A. the price of related goods.
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Taiwan and Jamaica are both islands that have pursued export-oriented development strategies, but Jamaica has experienced increases in unemployment and poverty, while Taiwan has experienced decreases. How might you explain this?
What will be an ideal response?
Which of the following market structures is characterized by a single firm and huge barriers to entry?
a. Monopolistic competition b. Oligopoly c. Monopoly d. Monopsony e. Perfect competition
Recall the Application about the supply of shipping services to answer the following question(s).Recall the Application. As the price per ton of cargo drops low enough that it does not cover the AVC of smaller inefficient ships, then the smaller, more inefficient ships will decide to:
A. shut-down. B. raise the price they charge. C. make up for it by raising their speeds. D. make up for it by accepting more cargo.
The Callaway family owns a small bait and tackle shop in a resort town in Wisconsin. An economic recession reduces the number of tourists for one summer, which reduces the family's income for that year. For the Callaway family, their
a. transitory income for the year of the recession likely exceeds their permanent income. b. permanent income likely exceeds their transitory income for the year of the recession. c. permanent income will be more affected by the recession than their transitory income. d. Both a and c are correct.