The quantity demanded of Pepsi has decreased. The best explanation for this is that
A. the price of Pepsi has increased.
B. Pepsi consumers had an increase in income.
C. the price of Coca-Cola has increased.
D. Pepsi's advertising is not as effective as in the past.
Answer: A
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A horizontal demand curve is perfectly elastic because a change in price will not induce a change in quantity demanded.
Answer the following statement true (T) or false (F)
An example of a Pigovian tax would be a tax on:
A. income. B. cigarettes. C. corporate capital gains. D. All of these are examples.
The fact that many primary and secondary school teachers enjoy work schedules that coincide with their children's school schedules:
A. implies that teachers will earn more than workers with similar qualifications in other jobs. B. implies that teachers will earn less than workers with similar qualifications in other jobs. C. arises because the market for teachers is a winner-take-all market. D. has no bearing on the wages of teachers relative to the wages of workers in other jobs.
Over the long run, the fundamental funding sources for the government include
A) borrowing. B) transfers between government agencies. C) taxes. D) lending.