The Powerpoint graphic with pictures of different musical artists was illustrating which of the following ideas?
A) markets tend to "lock-in" particular preferences for a long time
B) markets tend to generate reflect a small set of majority preferences
C) markets value and reflect individual preferences especially as markets expand
D) all of the above
Answer: C) markets value and reflect individual preferences especially as markets expand
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If the industry in the above figure was perfectly competitive, the level of output would
A) be less than the single-price monopoly level of output. B) be the same as the single-price monopoly level of output. C) exceed the single-price monopoly level of output by 20 units per day. D) exceed the single-price monopoly level of output by 60 units per day.
Regarding forecasting, which of the following statements is NOT true? a. Operations managers need sales forecasts to plan future production
b. Financial managers need estimates of future sales revenues, disbursements & capital expenditures in order to plan effectively. c. Forecasts of credit conditions are needed to plan the cash needs of the firm. d. Public administrators and managers of NFP corporations need not forecast, since they need not make a profit. e. Both c and d are false.
A traditional definition of recession is
a) any GDP gap which persists for 9 months or more b) deflation or a slowing of the inflation rate for one year or more c) a temporary shock to the economy resulting in the need for fiscal or monetary stimulus d) at least two successive quarters of positive unemployment e) negative GDP growth for half a year or more
A good is considered normal if demand for it ______ when income ______.
Fill in the blank(s) with the appropriate word(s).