Ans: C. Farmer Perk grows strawberries on his farm. As he grows them, he decides to buy more goods if he sells more strawberries than he expected.
Which of the following scenarios best demonstrates Say's law?
A. Nandini plays the piano at a restaurant, and her income is based solely on voluntary donations. She never lets her demand for goods and services determine how long she plays the piano.
B. Professor Mackowski teaches economics at a university and receives a monthly paycheck. Each month he spends half his paycheck and saves the rest in his piggy bank under his bed.
C. Farmer Perk grows strawberries on his farm. As he grows them, he decides to buy more goods if he sells more strawberries than he expected.
Economics
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Which of the following firms are in a monopolistically competitive market?
A) the many retail firms such as JCPenney, Sears, The Gap, and so on B) the sole local providers of electricity, such as Kansas Power and Light, or Pacific Gas and Electric C) the many farmers that grow wheat D) None of the above are in a monopolistically competitive market.
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Scarcity implies that people must
A) be miserable. B) be selfish. C) make choices. D) not be selfish.
Economics
A potential benefit that comes from social regulations would be
A) higher costs. B) a cleaner environment. C) higher tax collections. D) more layoffs.
Economics
A shoe salesman working on commission must decide whether to work hard or shirk. Working hard would increase the probability of a sale from 20% to 70% but the effort would cost him $5 . If the commission on a typical pair of shoes was $12, would he decide to work hard?
a. Yes because it is higher than what it costs him in effort b. Yes because it is higher than zero c. No, because it costs him more in effort d. None of the above
Economics