If a local dairy farm sells its ice cream to a distributor and contractually restricts the distributor from reselling the ice cream outside of the south east, this is an example of ________.
A) a tying arrangement
B) exclusive dealing
C) territorial confinement
D) a requirements contract
C) territorial confinement
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An increase in the demand for peanut butter, a normal good, can be caused by a(n):
a. decrease in consumer income. b. increase in the price of jams, jellies, and preserves. c. decrease in the price of bread. d. drought in Georgia that destroyed 30 percent of the peanut crop. e. decrease in the price of bologna.
Economic models have become much simpler in recent years
Indicate whether the statement is true or false
In 1997 a community in a Southeastern state passed a beautification ordinance (law prohibiting the placement of indoor furniture outside of homes, i.e., no couches on the porch). The law represents a conflict between __________ and __________
a. the rich; the poor b. third parties; private property rights c. consumers of goods; producers of goods d. public goods; private goods e. market failure; government failure
The total amount of output producers are willing and able to produce at alternative price levels in a given time period is known as:
A. Aggregate demand. B. Aggregate supply. C. Real GDP. D. Macro equilibrium.