Results of the study done by Lee Benham on advertising for eyeglasses would suggest that
a. brand loyalty and market power in the eyeglass market was likely to be more pervasive in states that allowed advertising.
b. eyeglass sales were more profitable in states that allowed advertising.
c. optometrists would not be supportive of advertising restrictions.
d. optometrists would enthusiastically endorse advertising restrictions.
d
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If a price ceiling is introduced in the market for milk below the market equilibrium price, then the producer surplus made by dairy farmers
A) will increase. B) will decrease. C) will not change. D) might increase or decrease depending on whether the demand for milk increases or decreases. E) might increase or decrease depending on whether the supply of milk decreases or increases.
An inferior good is a good for which demand
A) decreases when income increases. B) increases when income increases. C) decreases when population increases. D) increases when population increases.
For the goods market to be in equilibrium in a closed economy, which of the following must be true?
A) Y = S + I + G B) S + I = C + G C) S + G = Y + C D) S = I
The level of savings in an economy can be:
A. an important determinant of future productivity. B. a source of funding for physical capital. C. an important determinant of capital investment. D. All of these are true.