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1) Which of the following is an example of a change in the quantity demanded? (Hint. For which items is there a direct change in price that leads to a change in quantity demanded)
An increase in salary leads to increased spending on clothing.
A sale on shoes leads to higher purchases of shoes.
A rise in the price of peanut butter leads to higher demand for cheese sandwiches
An outbreak of e-coli in chicken leads to higher demand for beef.
2) Markets are more efficient when information is perfect; an example is:
Insider information on the release of a new block-buster drug
CARFAX reports that reveal the accident and repair history of a used car.
A fortune-tellers prediction of future interest rate movements
A readily available archive of historical weather reports
What are the major determinants of a product's price elasticity of demand? Studies indicate that the demand for Florida oranges, Bayer aspirin, watermelons, and airfares to Europe are elastic. Why?
Evaluation of Inventory
the latest economic news was not very positive. unemployment rates were higher than expected consumer confidence had
A random sample of teenagers asks how many minutes per day they watch TV. There is a population variance of 625. The null hypothesis you want to test is H0 : µT V
after you complete your mba you decide to open a business named directdelivery. directdelivery is a courier service in
Assume the government sets a uniform standard for winter and summer at A = 500. Support or refute this policy based on the criterion of allocative efficiency, using your model to explain your response.where A is the level of CO abatement
there are four key types of market structures in the market economy perfect competition monopoly oligopoly and
Explain how a item might evolve from one market structure to another and what that means as to the value, competition and number for companies producing that product.
deck amp blacker is a maker of small kitchen appliances. its economistsestimated the following demand for toaster oven
If the government subsidizes private colleges and sets the subsidy so that the efficient number of students will enroll in college, what is the subsidy per student? How many students will enroll?
Calculate the equilibrium market price
the cost of producing 600 small fiberglass sailboats per year and the cost of producing sails and fittings necessary to
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