Given an equal amount of users, if the firm can only set one price, how should the firm price the no-name brand wok?
a. Price low and sell to both the users
b. Price high and sell only to the professional chefs
c. Price low and sell only to the home users
d. All of the above
a
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If the economy of Gwondanaland is growing more rapidly than the economy of Japan, most likely
a. Japan has more current investment than Gwondanaland. b. Japan has more government spending than Gwondanaland. c. Japan spends more on capital goods than Gwondanaland. d. Gwondanaland has lower current consumption than Japan. e. Gwondanaland has lower current investment than Japan.
Other things the same, if banks decide to hold a smaller part of their deposits as excess reserves, the money supply will fall
a. True b. False Indicate whether the statement is true or false
The suggestion that people are "satisficers" is similar to the view that people
a. are wealth-maximizers. b. exhibit "bounded rationality." c. go to a lot of trouble to weigh costs and benefits before choosing a course of action. d. change their minds often.
Recall the Application about the short-run and long-run elasticity of supply of coffee to answer the following question(s). Recall the Application. What is the reason identified in the Application regarding why the short-run elasticity of supply of coffee is more inelastic than in the long run?
A. It takes at least 3 years for a newly planted coffee bush to yield marketable beans. B. Coffee production is capital intensive, and the farmers cannot afford the additional capital. C. Fertilizers are expensive in countries that produce coffee. D. The government controls the supply of coffee in those countries.