Union membership was relatively low during the Great Depression
a. True
b. False
Indicate whether the statement is true or false
True
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Consider the market for peanut butter. If there is a decrease in the price of deli turkey slices (a substitute in consumption for peanut butter) along with a decrease in the price of peanut brittle (a substitute in production for peanut butter), the
A) equilibrium price of peanut butter definitely rises. B) equilibrium quantity of peanut butter definitely increases. C) equilibrium price of peanut butter might rise or fall. D) equilibrium price of peanut butter definitely falls. E) equilibrium quantity of peanut definitely decreases.
An example of monopolistic competition is the _____ market.
Fill in the blank(s) with the appropriate word(s).
In order to price discriminate, a firm must
A) produce a product that is a close substitute for products of other firms. B) have different marginal costs for serving different customers. C) sell to customers with identical price elasticities of demand. D) be able to prevent resale of its product.
Assume that it is predicted that for the years after you graduate from college, the entire economy will experience a long period of recession during which people's incomes decrease
What type of industry would be the best for you to find employment if this prediction is correct? An industry that produces a product that A) is income elastic. B) is income inelastic. C) is inferior. D) is a complement. E) none of these industries