The Coca-Cola Company has chosen to keep its soda formula a secret, ________
A) because soda is a non-rival good
B) to preserve its patent rights
C) because the soda formula is a rival good
D) to reap the benefits of excludability
D
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Sellers who lower their prices and consequently sell a larger quantity earn more
A) gross (or total) revenue as a result. B) gross revenue only if the demand is elastic. C) net and gross revenue if the demand is inelastic. D) net revenue (revenue minus cost) as a result.
Comparing how many dollars it takes to attend college each year to annual earnings on a job represents the use of money as a:
A. medium of exchange. B. unit of account. C. store of value. D. store of coincidence.
Suppose that on a typical day, a restaurant owner usually sells 18 club sandwiches. However, after lowering the price of a club sandwich from $6.75 to $5.95, the owner discovered that sales increased to 23 sandwiches per day. Based on this information, the restaurant owner calculated that the demand elasticity for club sandwiches was approximately:
a. -0.05 b. -0.52 c. -1.94 d. -20.2
When the economy is operating at its natural rate of unemployment, the frictional and structural unemployment rates must add up to zero
Indicate whether the statement is true or false