If the cross-price elasticity of demand for computers and software is negative, this means the two goods are
A) normal. B) inferior. C) substitutes. D) complements.
D
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The supply of any good is likely to be inelastic when
A) consumers have few good substitutes for it. B) it is a manufactured good rather than an agricultural good. C) it can be produced at low cost. D) there are very many producers of the good. E) very little time elapses between the change in price and the change in quantity supplied.
Explain the difference between human needs and wants
What will be an ideal response?
[Appendix: Advanced Material] Cross functional revenue management examines capacity, pricing, and customer account management in order to maximize revenue. If the MegaPlex Movie Theater finds that too often they have to turn customers away from their theaters at peak movie times for blockbusters creating too much slippage, cross functional revenue management suggests:
a. They could consider increasing the capacity of each theater to be able to seat more customers. b. They could lower the price at the peak times to reduce the problem of spoilage. c. They could stop showing blockbuster movies and select more critically acclaimed art films to decrease spoilage. d. They could stop showing movies at night.
George and Susan work at the same brewery. George works in advertising. Susan works as a forewoman in the bottling plant. George is paid more than Susan
a. Because the male worker earns a higher salary than the female worker, the employer must be discriminating against women. b. If George has better performance reviews than Susan, the company might be rewarding George for his high productivity. c. If forepersons at bottling plants typically earn more than employees in the advertising department, then the brewery must be discriminating against women. d. George might be earning more because he works the day shift while Susan works the night shift.