Junie is shopping for dinner. She picks up a package of hot dogs on sale, instead of the burgers she was intending to buy. She then heads over to buy a package of hot dog buns. Junie's change in the demand for hot dog is due to a change in:
A. Junie's preferences.
B. Junie's income.
C. the price of related goods.
D. Junie's expectation of future prices.
Answer: C
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What will be an ideal response?
All of the following observations concerning the elasticity formula are true except
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For a firm in a perfectly competitive industry,
A) both short-run and long-run economic profits may be negative.
B) short-run economic profits must be zero.
C) short-run economic profits may be positive, but long-run economic profits must be zero.
D) short-run and long-run economic profits must be zero.
What are the three noteworthy labor market trends that Americans have experienced for about two decades?
What will be an ideal response?