A radio ad conveys the hours a store is open. By doing this, the ad ______.
a. creates a more elastic demand curve.
b. creates a demonstration effect
c. communicates important information
d. communicates misleading information
c. communicates important information
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Another commonly used algebraic form for a demand function is the semi-logarithmic functional form, log(Q) = a - bP + cI, where Q is quantity demanded, P is the product price, and I is income
Here, -100b represents the percentage change in quantity demanded given a one unit increase in price. By the Law of Demand, we should expect the value of b to be: A) positive. B) negative. C) positive or negative. D) We do not have enough information to answer this question.
Which of the following are government franchises?
a. Regional phone companies. b. The United States Postal Service. c. Electric utilities. d. All of the above.