In 2006, McDonald's introduced the "Snack Wrap" and it turned out to be a successful product. In the marketplace for fast-food products, this success would be an example of:
A. derived demand.
B. roundabout production.
C. medium of exchange.
D. consumer sovereignty.
Answer: D
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a. True b. False Indicate whether the statement is true or false
Arrow's impossibility theorem illustrates the difficulties in creating the perfect voting system
a. True b. False Indicate whether the statement is true or false
What do markets with prices, dormitory lotteries, and first-come-first-served rules have in common?
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If a negative externality exists in the market for dirt bikes and that market is perfectly competitive:
A. less than the efficient output of dirt bikes will be produced. B. the price of dirt bikes equals the marginal social cost. C. the price of dirt bikes is less than the marginal social cost. D. the price of dirt bikes exceeds the marginal social cost.