The change in people's purchasing power that occurs when the price of one good that they purchase changes is the
A. law of diminishing marginal utility.
B. substitution effect.
C. price income effect.
D. real-income effect.
Answer: D
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The tobacco industry is an example of an oligopoly market structure
Indicate whether the statement is true or false
The gold standard ended in the 1970s because the gold supplies failed to keep pace with the increase in money supplies required for industrialization and rapid economic growth witnessed in this era
a. True b. False Indicate whether the statement is true or false
A lack of cooperation by oligopolists trying to maintain monopoly profits
a. is desirable for society as a whole. b. is not desirable for society as a whole. c. may or may not be desirable for society as a whole. d. is not a concern due to antitrust laws.
Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars SoldTrucks SoldLarry105Joe99Ralph312 Based on last month's data, ________ has an absolute advantage in selling cars and ________ has an absolute advantage in selling trucks.
A. Larry; Ralph B. Ralph; Larry C. Larry; Joe D. Joe; Joe