The demand for ice cream is _________________ than is the demand for frozen treats because ________________.
A. less price elastic; ice cream requires a smaller portion of one's income
B. more price elastic; ice cream requires a smaller portion of one's income
C. less price elastic; the scope of the market for ice cream is less broadly defined
D. more price elastic; the scope of the market for ice cream is less broadly defined
D. more price elastic; the scope of the market for ice cream is less broadly defined
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In Figure 3-6 above, unplanned inventory decreases occur at
A) point J. B) point K. C) point L. D) all income levels.
The banking industry is heavily regulated because
A. banking is a monopoly industry. B. most banks are owned by government agencies. C. bankers do what is best for their stockholders, not necessarily what is best for the economy. D. All of these responses are correct.
Gift shops in a small town sell identical mugs to tourists. However, tourists don't have enough time to check out the prices one by one and don't have brochures listing prices of mugs. We can conclude
A) the market for mugs is perfectly competitive. B) buyers have full information. C) sellers are price takers. D) the market is not perfectly competitive.
Which of the following is a disadvantage of using debit cards? a. Debit cards are unsafe for use
b. Debit cards do not provide a grace period between a purchase and required payment. c. Debit cards delay payments. d. Debit cards are not not easy to use. e. Debit cards make purchases more expensive than they actually are.