Possible causes of an upward-sloping demand curve are
A. consumers judge the quality of a product based on quality.
B. consumers judge the quality of a product based on price.
C. consumers judge the quality of a product based on recommendations by friends.
D. consumers judge the quality of a product based on reviewer ratings.
Answer: B
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Zinc Communications developed a new type of cellular telephone that has a three-dimensional (3-D) screen. The company holds a patent on this technology, so they are the only seller of the 3-D phone when it is introduced
Over time, other companies introduce phones that are similar but not identical (i.e., they do not violate the patent held by Zinc). What happens to the demand for 3-D phones facing Zinc and to the profit-maximizing price for the 3-D phone as these similar products enter the market? A) Demand becomes less elastic, price increases B) Demand becomes less elastic, price declines C) Demand becomes more elastic, price increases D) Demand becomes more elastic, price declines
Macroeconomics emerged as a separate subject largely in response to:
A. Irving Fisher's development of the quantity theory of money. B. Adam Smith's The Wealth of Nations. C. John M. Keynes's explanation of business cycles. D. Alfred Marshall's distinction between the long run and short run.
How can the utility-maximizing rule be used to explain the substitution and income effect?
Please provide the best answer for the statement.
In 2020, the price for a market basket of consumer goods is $1,300. In the base year, the cost of the identical market basket was $1,000. The price index in this case is
A. 160.0. B. 200.0. C. 130.0. D. 13.0.