Made in the USA or Made in China has less meaning for products that
A) are a commodity such as iron ore.
B) are an agricultural product such as wheat.
C) are a product that is technological and involves assembling many different types of sometimes sophisticated components.
D) are a product that is produced and consumed domestically.
E) were produced fifty years ago versus the types of products manufactured today.
C
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When the price of corn increases, the quantity of corn demanded falls. Explain this change in terms of income and substitution effects
What will be an ideal response?
Which of the following would shift the demand curve for new textbooks to the right?
A) A fall in the price of paper used in publishing texts B) A fall in the price of equivalent used textbooks C) An increase in the number of students attending college D) A fall in the price of new textbooks.
A decrease in the price of a good will a. increase supply
b. decrease supply. c. increase quantity supplied. d. decrease quantity supplied.
If a 1% change in price leads to a 2% change in quantity demanded, then the elasticity of demand is
A. 0.5. B. 1.0. C. 1.5. D. 2.0.