According to the textbook application, California’s urban smog problem
a. diminished because of the responsiveness of U.S. automobile manufacturers
b. was never addressed by state legislation
c. was linked through scientific study to auto emissions in the 1950s
d. all of the above
c. was linked through scientific study to auto emissions in the 1950s
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What happens to the quantity of cell phones supplied and the supply of cell phones if the price of a cell phone falls?
What will be an ideal response?
Resale price maintenance involves a firm
a. colluding with another firm to restrict output and raise prices. b. selling two individual products together for a single price rather than selling each product individually at separate prices. c. temporarily cutting the price of its product to drive a competitor out of the market. d. requiring that the firm reselling its product do so at a specified price.
Briefly describe how warranties send a signal.
What will be an ideal response?
If different markets for a product produced by a monopolist can be separated and if the elasticity of demand differs between the two markets, then the monopolist will
A. go out of business. B. charge a single price in all markets. C. sell the product in only one of the markets with inelastic demand curves. D. be able to make higher profits by using price discrimination.