Professional organizations and producer groups have an incentive to
a. restrict advertising in order to enhance competition on the basis of price.
b. restrict advertising in order to reduce competition on the basis of price.
c. encourage advertising in order to reduce competition on the basis of price.
d. encourage advertising in order to enhance competition on the basis of price.
b
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Refer to Figure 6.5. By how many hours does leisure change as a result of the income effect of the wage change?
A. 2
B. 3
C. 4
D. 5
In which of the following cases can we be certain that a natural resource has become scarcer?
a. both the demand for the resource and the supply of the resource have increased. b. both the demand for the resource and the supply of the resource have decreased. c. the demand for the resource has increased and the supply has decreased. d. the demand for the resource has decreased and the supply has increased.
If the first copy cost of a music video is $223,000 and the marginal cost is $0, then as the firm produces an infinite quantity of the video, the average total cost of producing the video will approach:
A. zero. B. $1.00. C. $2,230. D. $1 million.
Estimates are that tradable goods in the U.S. account for approximately what share of GDP in the U.S.?
A) 10% B) 16% C) 25% D) none of the above