Suppose that a new advertising campaign extolling the virtues of apple juice is successful, and a major freeze destroys half of the country's apple cro
A) The equilibrium price of apple juice might rise or fall and the equilibrium quantity of apple juice falls.
B) The equilibrium price of apple juice rises and the equilibrium quantity of apple juice might rise or fall.
C) The equilibrium price of apple juice falls and the equilibrium quantity of apple juice might rise or fall.
D) The equilibrium price of apple juice might rise or fall and the equilibrium quantity of apple juice rises.
B
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To maximize profit, manufacturers should set the ________ resale price that ________ the retailers' cost of providing product-specific services.
A) minimum; covers B) minimum; does not cover C) maximum; does not cover D) maximum; covers
The question "Should children receive free lunch at school?" is an example of which fundamental economic question?
A. The What to Produce question. B. The Why to Produce question. C. The How to Produce question. D. The For Whom to Produce question.
If a perfectly competitive firm sells 50 units of output at a market price of $10 per unit, its marginal revenue is:
A. more than $10. B. less than $10. C. $10. D. $500.
Which of the following is most important if the living standards of people residing in a country are going to improve?
A. growth of population B. growth of per capita GDP C. growth of the money supply D. growth of government expenditures as a share of GDP