During recessions, consumers tend to purchase more durable goods, so that sales of new durables are relatively strong
Indicate whether the statement is true or false
F
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Which of the following factors is least likely to be a barrier limiting the entry of potential competitors into a market?
a. legally enforced patent rights b. an inelastic demand for a product c. licensing d. control over an essential resource
Democracy tends to push politicians toward the ideal point of the ______ voter.
A. median B. first C. final D. representative
Nick worked for a large boat dealer for years but now he wants to start his own boat and accessories shop. All of the following are challenges he may face EXCEPT
a. being underfunded. b. poor site selection. c. inability to adapt to changing market demands. d. not understanding legal and ethical responsibilities. e. pricing mistakes.
How would a decrease in the price of the feed grains used to feed cattle affect the market for beef?
a. The demand for beef would increase, increasing beef prices. b. The demand for beef would decrease, decreasing beef prices. c. The supply of beef would increase, decreasing beef prices. d. The supply of beef would decrease, increasing beef prices.