The quantity demanded of Coca Cola has increased. The best explanation for this is that
A. the price of Pepsi has decreased.
B. Coca Cola has instituted a new, successful advertising campaign.
C. Coca Cola consumers had an increase in income.
D. the price of Coca Cola has decreased.
Answer: D
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An individual or country that has a comparative advantage in the production of one good
A) may or may not have an absolute advantage in the good's production. B) must have an absolute advantage in the good's production. C) must not have an absolute advantage in the good's production. D) must not have an absolute advantage in the production of the other good.
A good is said to have an elastic supply if its price elasticity of supply is:
A) equal to zero. B) between zero and one. C) equal to one. D) greater than one.
The table above gives production information for Bob's Baseball Cap Company. Bob's total cost when zero caps are produced is $200 and workers cost $10 per hour. The average variable cost of producing 10 baseball hats per hour is
A) $1. B) $2. C) $20. D) More information is needed to answer the question.
If the firms in an industry represented 35%, 25%, 20%, 15%, and 5% of the market's total revenues, respectively, what would be the measure of the Herfindahl-Hirschman Index for this industry?
a. 2,500 b. 3,525 c. 7,725 d. 10,000