The prices college students and faculty members pay for Apple computers are lower than the prices Apple charges on its Web site and in retail stores. Apple charges lower prices to college students and faculty members because
A) college students and faculty members have a more elastic demand for computers than the general public.
B) college students and faculty members typically buy more supplies from Apple (print cartridges, paper, etc.,) than the general public.
C) college students and faculty members have a more inelastic demand for computers than the general public.
D) Apple can deduct from its federal taxes some of the costs of the computers it sells to college students and faculty members.
A
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The cross-price elasticity of demand between product X and product Y is -1.2. It can be inferred that X and Y are
A. complements. B. inferior. C. substitutes. D. unrelated.
The recognition time lag is the time that elapses between
A) when an economic problem manifests itself and it is officially acknowledged. B) the recognition of an economic problem and implementing policies to solve it. C) implementing policies to solve an economic problem and when the results of that policy can be measured. D) the beginning of the budgetary process and the final budget resolution.
When a firm or economy is operating efficiently, it is operating
a. outside its production possibilities frontier. b. inside its production possibilities frontier. c. on its production possibilities frontier. d. at the intersection of the production possibilities frontier and the vertical axis. e. at the intersection of the production possibilities frontier and the horizontal axis.
Sue: "I much prefer eating at the El Grande Mexican Restaurant to the others in town because all of their employees are Mexican and speak Spanish. It gives the place a real 'authentic' feel." Which of the following is true about the above statement?
a. This is an example of customer-based discrimination for one group of employees over another. b. If many customers felt the same way Sue does, there would be pressure for firms to satisfy this consumer preference in their hiring. c. Despite customer preferences, we would expect the restaurants in town to hire equally from all racial and ethnic groups. d. Both a and c are correct.