Which of the following is a non-price determinant of demand?
A) income
B) tastes and preferences
C) prices of related goods and services
D) All of the above are correct.
D
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Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. What is Larry's economic surplus from attending State College instead of his next best alternative?
A. $10,000 B. $5,000 C. $40,000 D. $20,000
How do economies of scale contribute to the development of an oligopoly?
A) Economies of scale make it legally difficult for new firms to enter.
B) Economies of scale make small-scale producers inefficient.
C) Economies of scale are based on control of a key resource, without which other firms cannot enter an industry.
D) Economies of scale are guaranteed when a patent is granted.
Mugabe's new money:
A. didn't increase inflation rates in Zimbabwe. B. caused Zimbabwe's deflation to get even worse. C. helped pull Zimbabwe out of its recession. D. didn't increase productivity in Zimbabwe.
All of the following are characteristics of a proprietorship EXCEPT
A) the business is owned by one individual. B) one person is responsible for all the debts of the firm. C) one person gets all of the profits. D) the firm can form a corporation to protect itself against the debts.