People consume more fresh fruit in the summer than during the rest of the year, yet the prices of fresh fruit are lower in the summer than in other seasons. What accounts for this?
A. Fresh fruit is an inferior good.
B. The supply of fresh fruit increases in the summer.
C. Fresh fruit is not subject to the law of demand.
D. Fresh fruit is not subject to the law of supply.
Answer: B
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The figure above illustrates a linear demand curve. In the range from $8 to $6
A) the demand is price elastic. B) the demand is unit elastic. C) the demand is price inelastic. D) more information is needed to determine if the demand is price elastic, unit elastic, or inelastic.
Anheuser-Busch purchased the Labatt brewery in Canada and has expanded its market and product offerings. This is an example of:
A. foreign direct investment. B. foreign portfolio investment. C. exporting. D. importing.
When Ferrari decides to produce 1,200 360 Modenas each year, Ferrari is answering the ________ question
A) for whom B) scarcity C) why D) what E) how
Refer to the information provided in Table 30.1 below to answer the question(s) that follow.
Table 30.1
Refer to Table 30.1. From 2014 to 2016 the real wage
A. rises. B. falls. C. stays the same. D. rises then falls.