According to the example in the? book, medical research has shown that grapefruit juice can adversely affect the effectiveness of certain medications. This is likely to affect the demand for grapefruit because
A. the number of grapefruit sellers will decrease.
B. people will buy less grapefruit because their incomes have increased.
C. people will buy less grapefruit because their tastes and preferences have changed.
D. the prices of oranges will change.
Answer: A. the number of grapefruit sellers will decrease.
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If the price of Pepsi-Cola increases from 40 cents to 50 cents per bottle and the quantity demanded decreases from 100 bottles to 50 bottles, then according to the averaging equation, the value of price elasticity of demand for Pepsi-Cola is
a. 0.5 b. 0.25 c. 1 d. 3 e. 2
In a prisoner's dilemma, the Nash Equilibrium might not have a dominant strategy for either player
a. True b. False Indicate whether the statement is true or false
Which of the following best describes the distinguishing characteristics of business cycles?
What will be an ideal response?
The implied production possibilities curve between work time and grades suggests that more hours spent working will mean more income, but also less study time and a lower grade average.
Answer the following statement true (T) or false (F)