The market for smart water is becoming more competitive. The increase in competition in this market is an example of how the market responds to
A) changes in consumer tastes.
B) decreases in income.
C) changes in expected future prices.
D) decreases in the price of carbonated soda (a substitute for the product).
Answer: A
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In the figure above, with international trade ________ million shirts per year are produced in the United States
A) 48 B) 32 C) 16 D) 20
In economics, an organization that produces a good or service is called a
A) business. B) firm. C) company. D) All of the above are correct.
A luxury cruise in the United States Virgin Islands is an example of an ________ good, and a desk calendar is an example of a(n) ________ good.
A) inspection; credence B) inspection; experience C) experience; credence D) experience; inspection
The consumer's optimal choice is the one in which the marginal utility per dollar spent on good X is
a. equal to the marginal utility per dollar saved on good X. b. greater than the marginal utility per dollar spent on good Y. c. equal to the marginal utility per dollar spent on good Y. d. less than the marginal utility per dollar spent on good Y.