Advertising for Milk and Beef is usually done by
A) interest groups that represent the whole industry.
B) a single firm in the market.
C) a small set of firms in a market.
D) It is not done because it doesn't pay to advertise homogeneous products.
A
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How does the owner of a corporation relate to the business?
A) The owners of the business have no separate legal distinction from the business. B) The owners of the business have a separate legal distinction from the business. C) The personal assets are part of the corporation's assets. D) None of these describe the legal relationship of corporate owners to the business.
In Figure 3-3 above, when income is 700, unplanned inventory investment is
A) -180. B) 180. C) 300. D) -300. E) -120.
Suppose that the inflation rate was 4 percent in 2002 and 3 percent in 2003 . This would mean that
a. the price level fell from 2002 to 2003 b. the price level fell at a faster rate in 2003 than in 2002 c. the price level rose at a faster rate in 2003 than in 2002 d. the price level rose at a slower rate in 2003 than in 2002 e. all prices in the economy rose at a rate of 3 percent in 2003
As the period for firms to expand output is lengthened, the elasticity of the market supply curve will
a. approach zero. b. increase. c. decrease. d. remain the same since time does not affect the elasticity of market supply.