If the federal excise tax on cigarettes were raised by one dollar, the retail price of cigarettes would probably
A. rise by more than one dollar.
B. rise by one dollar.
C. rise by less than one dollar.
D. not rise at all.
C. rise by less than one dollar.
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"Internal economies" derive from all of the following except
(a) Division of labor (b) Production of standardized products (c) The use of mass production techniques (d) There is no "except"; all of the above apply
According to the statistics, the distribution of money income:
a. fluctuated widely since 1947. b. changed significantly in favor of the bottom 5 percent. c. has not changed greatly since 1947. d. has not changed greatly since 1929.
Substitution bias:
a. overstates the rise in a consumer’s true cost of living. b. understates the rise in a consumer’s true cost of living. c. overstates the decrease in a consumer’s true cost of living. d. understates the decrease in a consumer’s true cost of living.
Distinguish between predatory pricing strategy and bundling strategy