After sugar refiner has produced fine sugar for baking purposes, what is left over is used to produce molasses. This technology exhibits
a. Economies of scale
b. Economies of scope
c. Diseconomies of scale
d. Diseconomies of scope
b
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The more time gasoline consumers have to adjust to a price change,
A) the lower their price elasticity of demand. B) the greater their price elasticity of demand. C) the less sensitive they will be to the price change. D) the less time they will have to seek out substitutes for gasoline.
Politicians often highlight the plight of a single individual as a reason to support a particular project or agenda. In this case, politicians are often engaged in
A) the Allais effect. B) the Byrd effect. C) framing. D) prospect theory.
The initial impact of the Fed's open market sale of government securities by the Federal Reserve is
A) an increase in the money supply by some multiple of the dollar volume of the sale. B) an increase in commercial bank deposits at the Fed. C) a fall in the money supply by some multiple of the dollar volume of the sale. D) a reduction of the commercial banking system's reserve deposits at the Fed.
Assume Mimi's budget constraint is shown in the graph shown. If earrings cost $7, then hairbands must cost:
A. $3.50.
B. $7.
C. $5.25.
D. $4.