A minimum price for a good or service:
a. rationing
b. price floor
c. excess demand
d. surplus
e. equilibrium
Ans: b. price floor
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In a(n) __________ insurance policy, there is no savings component
A) whole B) term C) universal D) variable
If the sellers in a market are aware of their strategic interdependence, then
a. each firm bases its pricing and output decisions on the monopoly model b. each firm, when making pricing or output decisions, must consider the reactions of its competitors c. the firms have little incentive to collude in their pricing and output decisions d. the firms undertake little advertising because they cannot recoup the cost through higher prices e. no firm is able to earn above-normal profit in the long run
If income in Africa increases by 4% and demand for poultry increases by 8%, then the income elasticity for poultry demand in Africa is projected to be:
a. -0.8 b. 0.8 c. 2 d. 1.25 e. 1.50
The demand curve for a product shifts below. Which of the following statement(s) is (are) a plausible explanation(s) for this situation?
A) The price of a competing product decreased. B) A successful television advertising campaign was launched by the manufacturer of the product. C) Assuming the commodity in question is a normal good, income available to the customer increased. D) Both B and C