Which of the following is NOT a non-price determinant of demand?
A) the price of the good or service
B) tastes and preferences
C) expectations of future prices
D) prices of related goods and services
A
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Which of the following statements is FALSE?
a. The rationing function of prices is not allowed to freely operate when the government imposes price controls. b. Price controls may take the form of price ceilings or price floors. c. Price ceilings below the equilibrium price can cause black markets to develop. d. Rent controls are examples of price floors.
One of the leading alternative theories to the HO model of international trade is the Human Skills theory, which was developed by
A) Donald Keesing. B) Adam Smith. C) David Ricardo. D) G. D. A. MacDougall.
Marginal cost typically ________ and marginal revenue typically _________ with increasing output
a. rises; falls b. falls; rises c. rises; rises d. falls; falls
The term "welfare state" describes the idea that:
A. government has a responsibility to promote the economic well-being of its citizens. B. some areas suffer a disproportionate amount of chronic poverty. C. some areas suffer from stagnant economic growth. D. None of these is true.