In 2000, McDonald's introduced the "McSalad Shaker." It turned out to be an unsuccessful product. In the marketplace for fast-food products, this lack of success is an example of:
A. consumer sovereignty.
B. normal profit.
C. economic costs.
D. medium of exchange.
Answer: A
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Long Beach Island, off the coast of New Jersey, is considering building a sand barrier to protect the houses on the island from future hurricanes. For residents of Long Beach Island, this barrier system would be a
A) private good. B) natural monopoly. C) common resource. D) public good.
What is meant by the "law of one price"?
A) A law was passed in 1913 that made it illegal to sell the same good or service to different people for different prices. B) This is a section of the Sherman Act that forced trusts (for example, the Standard Oil Company) to charge the same price for the same good or service in different states. C) Foreign companies should not be allowed to sell a product in the United States for prices different from prices these companies charge in other countries. D) Identical products should sell for the same price everywhere.
Obesity is directly responsible for a massive increase in the number of cases of ______.
a. AIDS b. Hepatitis B c. Type II Diabetes d. Alzheimer’s
After the United States dropped an atomic bomb on Japan, what do you expect happened to the yen?
a. The yen appreciated. b. The yen was unaffected. c. The yen depreciated. d. There is no way to predict the effect on the yen.