Consider the following factors:
a. culture
b. religion
c. customs
d. prices
e. income
Which of the factors above are likely to influence the choices consumers make?
A) a, d, and e only
B) all the factors except b
C) all the factors except c
D) d and e only
E) all the factors listed
Answer: E
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Refer to Table 4-3. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the price of polo shirts increases from $15 to $20
A) producer surplus will rise from $13 to $28. B) there will be a surplus of polo shirts. C) the marginal cost of producing the third polo shirt will increase to $20. D) consumers will buy no polo shirts.
If there is a(n) __________ in reserves, the potential change in demand deposits is __________
A) deficiency; 0 B) deficiency; positive C) deficiency; negative D) excess; negative
When the price of ice cream falls, we would expect the quantity demanded of ice cream to rise, ceteris paribus
a. True b. False Indicate whether the statement is true or false
Antibiotics may be ________ since people consider only the ________.
Fill in the blank(s) with the appropriate word(s).