The price of tea increases. Which of the following is NOT part of the likely chain of events that follows from this price change?
A. Tea leaf producers increase production.
B. Tea leaf producers lay off some more workers.
C. Tea leaf producers increase their production of tea.
D. Some tea consumers reduce their consumption of tea.
Answer: B
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When income increases, the demand curve for X shifts rightward and the demand curve for Y shifts leftward. These shifts mean that
A) X and Y are complements. B) X and Y both normal goods. C) X is an inferior good and Y is a normal good. D) X is a normal good and Y is an inferior good.
Which form of business organization has the advantage of being a legal person in itself?
a. sole proprietorship b. partnership c. corporation d. oligopoly
A decrease in the wage rate causes
A) a decrease in labor's productivity. B) a rightward shift of the firm's labor demand curve. C) a leftward shift of the firm's labor demand curve. D) an increase in the quantity of labor demanded.
If Big City Cameras advertises a 90 day low-price guarantee that will refund any of its customers the difference between the price they paid for a camera and a lower price offered by Big City Cameras for the same camera, this is an example of ________.
A) a meet-or-release clause B) a meet-the-competition clause C) price visibility D) a most-favored-customer clause