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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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
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