Which of the following statements best represents the attitude of a consumer with a very inelastic demand toward various brands of coffee?
A. "All the brands are exactly the same. I always buy the cheapest."
B. "Coffee is coffee; one brand is as good as the rest."
C. "My brand is so superior to the rest of the brands that I'm willing to pay a bit more for it."
D. "With my limited budget my favorite brand is usually the 'what's on sale' brand."
C. "My brand is so superior to the rest of the brands that I'm willing to pay a bit more for it."
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What does the slope of the budget line equal?
What will be an ideal response?
In the United States, the lender of last resort is
A) Fannie Mae. B) the Federal Reserve. C) the Federal Deposit Insurance Corporation. D) Securities and Exchange Commission.
When a person pays a loan back to a bank by writing a check for the amount due, demand deposits decline and the money supply is reduced
a. True b. False Indicate whether the statement is true or false
Which of the following definitions is correct?
A. Accounting profit + economic profit = normal profit. B. Economic profit - accounting profit = explicit costs. C. Economic profit = accounting profit + implicit costs. D. Economic profit - implicit costs = accounting profits.