Consumers who will pay high prices to be among the first to own certain new products are called
A) gullible. B) naive consumers. C) savvy consumers. D) early adopters.
D
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Which of the following are ways to sell a customer additional units without dropping the price on previous purchases
a. Offer quantity discounts b. Offer two-part pricing ex: membership fees c. Bundle the goods together d. All of the above
A rise in the expected price level leads to an expectation that real wages will ____________, which will cause people to work __________, shifting the SRAS curve _______________
A) rise; more; rightward B) rise; less; leftward C) fall; more; rightward D) fall; less; leftward
?19742015Minimum wage per hour$ 2.00$ 7.25Weekly income from minimum wage$80.00$290.00Cost of a standard basket of goods$47.00$236Number of baskets per week1.701.23
Use Table 2.5 above to answer the question. What happened to the real value of the minimum wage between 1974 and 2015?
A. It remained the same. B. It increased. C. It decreased. D. It could not be determined from the given information.
For a firm in a perfectly competitive market, price is
A) equal to both average revenue and marginal revenue. B) equal to average revenue but greater than marginal revenue. C) greater than marginal revenue but less than average revenue. D) less than both average revenue and marginal revenue.