If you wish to open a store and you do not like risk, it would be wise to sell:
A. a mix of normal and inferior goods.
B. only normal goods.
C. all inferior goods.
D. None of the statements is correct.
Answer: A
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If the minimum wage is set at a level below the equilibrium wage it:
A. will have a large effect. B. would be a nonbinding minimum wage. C. would interfere with the market reaching equilibrium. D. will probably affect government jobs more than any other job market.
Bill attends a local basketball game. The teams are very unbalanced, the play is bad, and the score quickly reaches 36-2. At halftime, Bill realizes he's having no fun, leaves the game, and goes home. Bill's behavior is NOT determined by
A. sunk costs. B. utility maximization. C. economic logic. D. None of these is true.
The first antitrust law that the U.S. Congress enacted was
A) the Clayton Antitrust Act. B) the Sherman Antitrust Act. C) the Robinson-Patman Act. D) the Federal Trade Commission Act.
Hector has $2,000 a month to spend on clothing and food. The price of clothing is $50 and the price of food is 20. The clothing and food pairs in Hector's choice set include ________ units of clothing and ________ units of food.
A. 100; 100 B. 16; 60 C. 40; 100 D. 30; 50