Suppose you are the manager of Natural Oils, a firm that specializes in healthy skin oils. To make your oils, you purchase avocado pits from guacamole manufacturers. If the demand for guacamole decreases, this will cause the production of avocado pits to ________ and the price of avocado pits to ________.
A) decrease; fall
B) increase; fall
C) decrease; rise
D) increase; rise
C) decrease; rise
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In general, pollution exists in situations in which
A) people are selfish. B) people refuse to take social responsibility seriously. C) there are poorly defined private property rights. D) there exists public property.
Who runs the Federal Reserve System? Describe the organizational structure of the Fed
Scarcity impels an individual to make choices
a. True b. False Indicate whether the statement is true or false
Regarding the price elasticities of demand, which of the following statements is true?
a. Price elasticities vary considerably from product to product b. Luxurious goods are generally less price elastic. c. Necessities are generally more price elastic. d. All of these statements are true.