If the administration raises tuition on our campus in order to increase revenue, it will
a. not be successful if the demand curve slopes downward
b. be successful if demand is elastic
c. be successful if demand is inelastic
d. be successful if supply is elastic
e. be successful if supply is inelastic
C
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Related diversification occurs when
A. a business serves itself first before serving others. B. a business serves itself and many other common businesses. C. a business serves others first before serving itself. D. a business serves itself and allows others to serve it.
Patti buys a new kind of cereal to try even though it's more expensive than her favorite kind. After a single bowl, Patti decides she does not care for the new cereal at all, and she:
A. throws it away, because she irrationally spent money on something she had no information about. B. forces herself to finish it, because she irrationally focuses on the sunk cost of the cereal. C. forces herself to finish it, because she rationally computes the cost per bowl. D. None of these is likely to happen for the reason stated.