Campbell Soup agrees to sell its brand to a grocery chain only if the chain also agrees to buy a minimum number of cases of its V-8 juice. This is an example of:
A. a resale price maintenance agreement.
B. a tying agreement.
C. exclusive dealing.
D. price discrimination.
Answer: B
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The time it takes to overcome the practical and procedural hurdles before the Fed can begin to fix the economy is called the
A) recognition lag. B) implementation lag. C) impact lag. D) liquidity lag.
Suppose the price elasticity of demand for bouquets of flowers is 4.0. You are charging $8 per bouquet. If you want to increase the quantity of bouquets you sell by 20 percent, what price should you charge?
What will be an ideal response?
If the supply of a good is perfectly inelastic, then suppliers will bear the full burden of an excise tax
a. no matter how elastic the demand for the good is. b. only if demand is perfectly elastic. c. only if demand is perfectly inelastic. d. only if the government forbids them to raise the price of the good.
Economic profits are competed away in the long run for a monopolistic competitor because of the absence of significant _______________________.
Fill in the blank(s) with the appropriate word(s).