What is one reason suppliers might offer a discount for quantity purchases?
A) reduced storage costs
B) lower marginal cost
C) lower marginal benefit
D) price gouging
A
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In the United States between the 1970s and the 2000s, the productivity of labor increased. This increase led to
A) an increase in the demand for labor. B) no change in either the demand for or the supply of labor. C) a decrease in the supply of labor. D) a downward shift of the production function. E) an increase in the supply of labor.
In the figure above, if the exchange rate is equal to 1 Canadian dollar per U.S. dollar, there is a ________ of ________currency and the exchange rate will________
A) shortage; domestic; rise B) surplus; domestic; rise C) shortage; foreign; rise D) surplus; foreign; fall
In colonial times, the French guinea, the Spanish pistole, and the English crown circulated as money on the streets of New York, Boston, Baltimore, and Philadelphia and were exchanged readily for each other
Indicate whether the statement is true or false
Which of the following is a normative statement?
A. A decrease in price leads to an increase in quantity consumed. B. Incomes grow more rapidly in high-tax states than low-tax states. C. People would be better off if government expenditures were higher. D. People will buy less butter at $1.50 per pound than they will at $1 per pound.