Which of the following goods will have the most inelastic demand at any time?
a. jewelry
b. Big Macs
c. electricity
d. pork chops
c
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Which of the following is TRUE?
I. Checks are considered money because they can be used as a medium of exchange. II. Checks represent a transfer of money. A) I only B) II only C) both I and II D) neither I nor II
Economists favor the use of peak-load pricing since it can
A. improve the equity of the distribution of income. B. enhance the efficiency in the use of scarce resources. C. improve the profit levels of corporations. D. result in lower levels of pollution.
Mechanisms that manufacturers can use to deal with misaligned retailer incentives include
a. setting a maximum retail price b. allowing many retailers to sell the product in each market c. compensating retailers' sales staff for demonstrating the product d. eliminate manufacturer staff that was demonstrating the product in stores
Exhibit 10-4 Supply and demand curves for food servers
?
In Exhibit 10-4, the equilibrium wage and the number of food servers employed per day, respectively, are:
A. $2.00 and 5,000. B. $4.00 and 10,000. C. $6.00 and 15,000 D. $8.00 and 20,000.