An expensive bottle of balsamic vinegar is an example of an ________ good, and an order of lasagna from Bella's Restaurant is an example of a(n) ________ good.
A) experience; experience
B) experience; inspection
C) inspection; inspection
D) experience; credence
A) experience; experience
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Consider a price ceiling imposed on a monopoly. For what quantities will the monopoly's new marginal revenue curve be horizontal at the ceiling price?
a. For quantities where the demand curve lies above the ceiling price. b. For quantities where demand is elastic. c. For quantities where marginal cost is rising. d. Marginal revenue will be constant and equal to the ceiling price for all quantities.
Changes in the federal funds rate usually result in
A) changes in both short-term and long-term interest rates with more of an effect on short-term interest rates. B) changes in both short-term and long-term interest rates with equal effect on both. C) changes in both short-term and long-term interest rates with more of an effect on long-term interest rates. D) no change in either short-term or long-term interest rates.
Many primary products from developing countries are hurt by
a. regional trade agreements b. tariff escalation c. effective protection d. Part IV of the GATT e. all of the above
If the loanable funds market pays 8 percent and you want to earn $1,000 a year of interest income, how much in loanable funds must you supply to the market in order to accomplish this?
a. $8,000 b. $10,000 c. $14,000 d. $12,500 e. $18,000