The demand for Ben & Jerry's ice cream is _________________ than is the demand for all ice cream because _______________.
A. less price elastic; the scope of the market for Ben & Jerry's is less broadly defined
B. more price elastic; the scope of the market for Ben & Jerry's is less broadly defined
C. less price elastic; Ben & Jerry's has fewer available substitutes
D. more price elastic; Ben & Jerry's has fewer available substitutes
B. more price elastic; the scope of the market for Ben & Jerry's is less broadly defined
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Cartels are difficult to maintain because: a. there are generally few barriers to entry in oligopoly markets. b. firms have a strong private incentive to cheat on agreements. c. it is difficult to enforce a cartel agreement
d. both (b) and (c).
Which of the following would cause an increase in quantity of wheat supplied?
A. The price firms pay for liability insurance falls. B. New, better technology for farming is introduced. C. The price farmers receive for their wheat rises. D. The price of fertilizer farmers use in their fields falls.
In a commercial bank's T-account, reserves and outstanding loans are recorded as:
A. debts. B. profits. C. assets. D. liabilities.
When the price level increases, the real value of people’s money holdings
a. falls, so they buy more. b. falls, so they buy less. c. rises, so they buy more. d. rises, so they buy less.