Critics argue that firms use advertising to develop consumer preferences
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following is likely to cause a fall in the wage rate and an increase in the number of workers hired in a local cotton mill?
A) A reduction in wage paid in a nearby jute mill B) The introduction of labor-saving technology in the mill C) The introduction of labor-complementary technology in the mill D) A decrease in the population of the region in which the cotton mill is located
Which of the following is an example of a cartel?
a. Advanced Micro Devices b. AREVA c. Organization of the Petroleum Exporting Countries d. Combat Observation Laser Teams e. Lloyds Banking Group
Recall the Application about the use of fertilizer and its impact on crop yields to answer the following question(s). The table is taken from this Application.
Bags of Fertilizer Bushels of Corn0851120213531444147Based on the data in the table, this Application addresses the economic concept of:
A. the marginal principle. B. the principle of voluntary exchange. C. the principle of diminishing returns. D. the real-nominal principle.
We expect the price elasticity of supply to be
A. positive. B. between -1 and +1. C. negative. D. zero.