Scientific evidence suggests that consumption of foods rich in fiber lowers cholesterol. As a result, the demand for bran increases at every price by 5,000 bushels and the supply curve for bran is perfectly price elastic. The quantity of bran consumed will
A. not change.
B. change unless the demand curve is perfectly inelastic.
C. rise by exactly 5,000 bushels.
D. not rise by exactly 5,000 bushels unless the demand curve is perfectly inelastic.
Answer: C
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The large influx of immigrant families between 1860 and 1910 caused the total population to grow at a faster rate than the work force
Indicate whether the statement is true or false
The Robinson-Patman Act amended and further refined which of the following laws?
a. The Sherman Antitrust Act. b. The Celler-Kefauver Act. c. The Clayton Act. d. The FTC Act. e. The Herfindahl-Hirschman Act.
A $1,000 bond, which matures in one year, has a price of $925. The interest rate on this bond is
A) 7.5%. B) 8.11%. C) 9.25%. D) 9.20%.
Freely functioning markets in the real world always result in efficient allocations of resources.
Answer the following statement true (T) or false (F)