Which of the following is false?
a. Products with more close substitutes have more elastic demand
b. The demand for any individual brand is less elastic than industry aggregate demand
c. Products with many complements have less elastic demand
d. In the long run, demand curves become more elastic
b
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In a marketplace, prices:
A) act as a measure of value, and do not affect the allocation of resources. B) act as incentives that allow for the efficient allocation of resources. C) are determined by politicians and regulators. D) are determined through auctions.
In the short run,
a. all inputs are fixed. b. all inputs are variable. c. some inputs are fixed. d. no production occurs.
The market basket approach:
A. gives us a single number to measure how much your total costs for all goods and services change over time. B. is how economists monitor trends in what people like to buy from year to year. C. is equivalent to simply averaging the increase in the price of each grocery item. D. measures changes in the cost of a fixed shopping basket, assuming that typical consumer buys the same items in the same quantities.
The Sherman Antitrust Act of 1890 prohibited
A. issurance of money by private banks. B. all existing monopolies. C. interstate commerce. D. attempts to restrain trade.