If the cross-price elasticity of demand between Breeze Detergent and Faber Detergent is a relatively large positive number, then it indicates that
A) the two brands are probably made by the same company.
B) consumers have a distinct preference for one brand versus the other.
C) detergents are necessities.
D) the two brands of detergent are close substitutes.
D
Economics
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A maximum wage law, as opposed to a minimum wage law, would be considered a
A. price ceiling. B. price floor. C. tax on businesses. D. sales tax.
Economics
If a firm's total economic cost of producing 50,000 products is $5,000,000, and this output is sold for $5,000,000, we can conclude that the firm will earn an economic profit of:
a. $5,000,000 b. $0 c. $10,000,000 d. $50,000
Economics