Refer to the information provided in Figure 3.1 below to answer the question(s) that follow.
Figure 3.1Refer to Figure 3.1. Which of the following would be most likely to cause the demand for Dr. Pepper to shift from D0 to D1?
A. an increase in the price of Dr. Pepper
B. an increase in the price of sugar used to make Dr. Pepper
C. a decrease in the price of 7-UP, assuming 7-UP is a substitute for Dr. Pepper
D. an increase in income, assuming that Dr. Pepper is a normal good
Answer: C
You might also like to view...
When we say supply curves become more elastic over time, we mean
A) the quantity supplied becomes independent of demand. B) any price change has a larger affect on quantity supplied. C) the supply curve becomes steeper. D) the supply curve shifts upward.
Less-developed countries that nonetheless have access to the latest technologies must be suffering from a relative shortage of ________ according to the Solow growth model, implying a very ________ rate of return available on additions to capital in
those countries. A) capital, low B) capital, high C) labor, low D) labor, high
The velocity of circulation has remained constant over long periods of time
a. True b. False Indicate whether the statement is true or false
How do a partnership and a corporation differ?
A) Partnerships have unlimited liability while corporations have limited liability. B) Corporations can issue stocks and bonds, while partnerships cannot. C) Corporations face more taxes than do partnerships. D) All of these are differences between the two types of businesses.