According to the above table, national income is
A. $2,465.
B. $2,550.
C. $2,190.
D. $2,750.
Answer: C
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Suppose most consumers who eat hotdogs also use mustard, a complementary good. If the price of hotdogs rises, which is most likely to happen?
A) The demand curve for mustard will shift right. B) The demand curve for hotdogs will shift right. C) The demand curve for mustard will shift left. D) The demand for hotdogs will fall.
Dole Co operates in a monopolistically competitive market. To try to earn an economic profit, Dole Co will
A) prevent other firms from entering the market. B) increase its product's price. C) continually seek to differentiate its product. D) increase output.
Market failure results in
A. economic collapse. B. no goods being produced. C. Pareto efficiency. D. lost surplus.
One In the News article is titled "The Cola Wars: It's Not All Taste." Firms in a monopolistically competitive industry, such as the soft drink market, are likely to advertise in an attempt to
A. Allocate resources more efficiently. B. Decrease the price elasticity of demand. C. Increase the cross-price elasticity of demand D. Reduce market power.