A change in which variable will change the market demand for a product?
A) the price of the product B) population
C) the prices of substitutes in production D) technology
B
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Which of the following describes the Soviet Union's economy through most of the second half of the 20th century?
A) The Soviet economy grew slowly because of the slow rate of technological change. B) The Soviet economy grew because it added labor through immigration policy in the 1950s. C) The Soviet economy increased capital per worker very slowly from 1950 through 1980. D) The Soviet economy grew rapidly in the latter half of the 20th century.
Refer to the table below. If the cost per unit of advertising is constant at $900, what is the level of advertising per week that maximizes the industry joint profit?
Suppose the dairy industry is made of up only by the three firms above; Cow Haven, Free Cows, and Happy Cows.
A) 3 B) 5 C) 2 D) 4
Speculators in the financial market are:
A. largely thought to be detrimental to the overall health of the financial system. B. illegal, and often work in the "grey" markets despite this. C. seen by most as necessary for the health of the financial system. D. debated by some as to whether they contribute to the financial system's success.
Purely competitive firms are assumed to:
A. sell where marginal cost is minimized. B. advertise. C. be price takers. D. confront demand curves that are perfectly inelastic.