The symbiotic relationship between mass production and mass consumption was best personified by
A. John D. Rockefeller.
B. Andrew Carnegie.
C. Henry Ford.
D. John Deere.
C. Henry Ford.
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Figure 11-5
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Figure 11-5 contains a production possibilities frontier for wheat and milk production. Explain why Point C is not a point where resources are being used efficiently.
What will be an ideal response?
Rebel Records announces it is cutting the prices of its bluegrass album titles by 25 percent. If Rebel is seeking to increase revenues, it must believe that the elasticity of demand for bluegrass albums is
a. elastic. b. inelastic. c. of unitary elasticity. d. perfectly inelastic.
After getting a raise at work, Jasper now regularly buys steak instead of chicken. Which factor of demand has influenced Jasper's demand for steak?
A. Price of a substitute good B. Income C. Preferences D. Price of a complementary good
What has been the impact of the widespread adoption of automated teller machines (ATMs) on the demand for bank tellers?
A) The demand for tellers has increased. B) The demand for bank tellers has become more inelastic. C) The demand for bank tellers has become more elastic. D) There has been no change because the ATMs and the employees provide completely different services.