How did Apple overcome consumers' diminishing marginal utility for iPads?
A. Apple lowered the price of iPads so that previous buyers would purchase another unit.
B. Apple introduced new features to entice previous buyers to purchase new models.
C. Apple ignored the problem and focused solely on attracting new buyers.
D. Apple was unable to overcome the problem and has faced steadily declining sales.
Answer: B
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Refer to the above figure. At a price of $6, excess quantity supplied equals
A) 0. B) 12. C) 15. D) infinity.
If producers who hire labor in a competitive labor market decide to purchase the new automated machine that completes the work of 30 employees, in the short run we would expect the:
A. labor-supply curve to shift to the left and wages would rise. B. labor-demand curve to shift to the right and wages would increase. C. labor-supply curve to shift to the right and wages would rise. D. labor-demand curve to shift to the left and wages would decrease.
We can show economic growth in terms of the production possibility curve by:
A. shifting the production possibility curve outward. B. shifting from a point inside the curve to a point on the production possibility curve. C. movement along the production possibility curve. D. jumping to a point outside the production possibility curve.
The information contained in the table illustrates:
A. political logrolling.
B. the median-voter model.
C. the paradox of voting.
D. the principal-agent problem theorem.