Recall the Application about federal quality standards in the market for kiwifruit to answer the following question(s).Recall the Application. Prior to enactment of the federal government's order:

A. grocers were willing to pay less for any California kiwifruit than for any New Zealand kiwifruit.
B. grocers were willing to pay more for any California kiwifruit than for any New Zealand kiwifruit.
C. grocers were willing to pay more for California kiwifruit that had been harvested at maturity than for any New Zealand kiwifruit.
D. California and New Zealand kiwifruit sold for the same price.


Answer: A

Economics

You might also like to view...

Monetary policy refers to the actions taken by the Treasury Department to set the level of the money supply

Indicate whether the statement is true or false

Economics

Which of the following are not subsets of the ability-to-pay principle?

a. horizontal equity b. vertical equity c. diagonal equity d. beneficial equity

Economics

Which of the following does not contribute to a pro-business climate for investors?

A. Secure property rights. B. Minimal government regulation. C. High tax rates. D. Legalized profit.

Economics

Which of the following finally brought the U.S. economy out of the Great Depression?

(A) World War I (B) The Korean War (C) World War II (D) The Vietnam War

Economics