Suppose the TV news programs report that oat bran can lower one's cholesterol. As a result, the equilibrium price of oats would ______, and the equilibrium quantity of oats would ______.
A. increase; increase
B. decrease; not change
C. decrease; decrease
D. increase; decrease
A. increase; increase
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(Consider This) According to The Economist magazine, growing income inequality is less of a concern because:
A. it is increasing at a decreasing rate. B. the poor have increasingly better access to goods and services once only available to the rich. C. poverty rates have fallen below 10 percent. D. government transfers eliminate virtually all consumption inequality.
The three basic legal forms of business enterprise in the United States are
A. vertical, horizontal, and conglomerate corporations. B. monopolies, enterprises, and competitors. C. national, global, and multinational corporations. D. proprietorships, partnerships, and corporations.
In the long run in a perfectly competitive industry
A) opportunity costs are negligible. B) economic profits will be zero. C) some firms will be experiencing economic losses. D) only entrepreneurs will earn more than their opportunity costs.
A supermarket sells you a pound of coffee on condition that you buy a gallon of milk. This is an example of
a. Bundling b. Package Tie in Sale c. Price Discounts d. Both a and b