The statement that "water is a necessity" is misleading because
A) it does not distinguish fresh water from salt water.
B) it fails to specify for whom water is a necessity.
C) it incorrectly assumes people use water only or primarily for drinking.
D) water is a necessity only in desert environments.
E) water is extremely abundant.
C
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The above figure shows a graph of the market for pizzas in a large town. No pizzas will be demanded unless price is less than
A) $0. B) $5. C) $12. D) $14.
The Herfindahl-Hirschman (HH) Index is used to
A) measure the degree of nonprice competition. B) measure the degree of market concentration in an industry. C) measure the extent of price leadership. D) None of the above
Consider the graph shown. What would most likely be the cause of a shift from S1 to S2?
A. A tax on sellers
B. A tax on buyers
C. A subsidy for sellers
D. A subsidy for buyers
Special-interest programs are highly attractive to vote-seeking politicians because
What will be an ideal response?