In the Wabash case (1886), the Supreme Court held that:
a. states cannot enact laws that interfere with interstate commerce.
b. states could restrict price-discrimination based on person, but not price-discrimination based on place.
c. states could regulate railroad rates on long-hauls, but not rates on short-hauls.
d. held that railroad practices could not be regulated by any federal or state governing body.
a. states cannot enact laws that interfere with interstate commerce.
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If price of a good rises, what happens to the demand for that good, all other things held constant?
A. The demand increases. B. The demand decreases. C. The demand does not change. D. The outcome depends upon the supply of the good.
There is a movement along the demand for money curve if
A) the nominal interest rate rises. B) there is an economic expansion so that real GDP increases. C) banking customers use ATM machines more. D) the price level increases.
When the average product is decreasing, marginal product
A) equals average product. B) is increasing. C) exceeds average product. D) is decreasing. E) is less than average product.
Consumer loyalty tends to be very low in markets such as cola drinks and tobacco products
a. True b. False Indicate whether the statement is true or false