Compared to the long run, consumers typically ____ to price changes in the short run
a. are very responsive
b. are more demand sensitive
c. are less demand sensitive
d. do not respond at all
e. overreact
C
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The conditions for unaligned retailer and manufacturer incentives include
a. customers are familiar with the product before they shop for it b. retailers have no opportunity to educate consumers c. manufacturers are more efficient at education consumers d. demand for the product is increased with some consumer education
Refer to Figure 10.1. The dominant strategy for ________ is to contribute
A) Daisy B) Bo C) Luke D) none of the above
A product whose production requires a relatively high capital-labor ratio is
a. capital abundant b. capital intensive c. heavy industry d. high tech e. all of the above
Lessons about the nature of economic processes will likely emerge from the analysis of transitional economies
a. True b. False