You have probably used this good, and some use it everyday. It was invented by John Pemberton in 1886
a. Coca-Cola
b. aspirin
c. instant camera
d. sliced bread
e. waxed paper
A
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A market is classified as monopolistically competitive when
A) there is a barrier that blocks entry by other firms. B) a small number of firms compete. C) many firms produce the same product. D) many firms produce a slightly differentiated product. E) there is one firm that sells a good or service with no close substitutes.
The United States would be characterized as having:
A. a controlled domestic interest rate, an open capital market and a flexible exchange rate. B. a controlled domestic interest rate, an open capital market and a fixed exchange rate. C. no control over the domestic interest rate, an open capital market and a flexible exchange rate. D. a controlled domestic interest rate, a closed capital market and a flexible exchange rate.
Our merchandise balance of trade has been negative since the
A. 1960s. B. 1970s. C. 1980s. D. 1990s.
The substitution effect of a wage rate increase suggests that
A. individuals will supply more labor. B. individuals will supply more work and consume more leisure. C. individuals will supply less labor. D. individuals will consume more leisure.