The economy is undergoing a recession that has reduced consumers' incomes. In the smartphone market, this will most likely lead to
A. an increase in price and a decrease in quantity.
B. an increase in price and an increase in quantity.
C. a decrease in price and a decrease in quantity.
D. a decrease in price and an increase in quantity.
Answer: C
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What does a study of immigration figures before 1921 indicate?
(a) An overwhelming majority of immigrants came from the British Isles. (b) Voluntary immigrations slowed as 1921 approached. (c) The diversification of immigrants increased since the colonial period of U.S. history. (d) It is not possible to link immigration patterns and growth in the U.S. economy.
In reference to determining the optimal amount of advertising, managers of trade associations face each of following additional challenges except which one?
A) the challenge of a constant marginal benefit of advertising across firms B) the free rider problem C) difficulty in prescribing a fair and practical way to share the cost of advertising across firms D) difference in the marginal benefits of advertising across firms
Addictive substances such as tobacco have long-run demand that is more ______ than short-run demand. In other words, the consumption of addictive substances ______ price sensitive and raising prices ______ reduce consumption over time.
a. price elastic; is; will b. price inelastic; is; will c. price inelastic; is not; will not d. price elastic; is not; will not
Your state department of transportation is considering installing toll booths with gates on a quiet section of highway. If this is done, a good that is currently a:
A. nonexcludable good will become an excludable good. B. public good will become a private good. C. rival good will become an excludable good. D. nonrival good will become a rival good.