A good that people must actually consume before they can determine qualities is called
A) a credence good.
B) a search good.
C) an experience good.
D) a persuasive good.
C
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Which of these contributes to the existence of monopoly power?
a. the control of critical resources b. legal barriers c. patents d. All of the above contribute to the existence of monopoly power.
An increase in a consumer's income will cause the budget line to:
A. shift outward. B. shift inward. C. become steeper. D. become flatter.
Bank deposit creation is limited by
A. reserve requirements. B. the interest rate. C. whether a bank is nationally or state chartered. D. whether a bank is in a large city or rural area.
Which of the following examples would likely have the lowest elasticity of demand if the price of the product changed?
a. Ramon spends $5 of his weekly paycheck of $1,500 on yogurt. b. Cynthia spends $200 of her weekly paycheck of $1,000 on clothes. c. Karl spends $50 of his weekly paycheck of $1,200 on music streaming. d. Yuna spends $800 of her weekly paycheck of $2,000 on a HD television.