A vacation home in Malibu is
a. not rival in consumption and excludable.
b. rival in consumption and excludable.
c. not rival in consumption and not excludable.
d. rival in consumption and not excludable.
b
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A major fruit juice manufacturer failed in its attempt to engage in price discrimination between students and all other consumers. What is a possible explanation for this failure?
a. There was nothing to prevent the students from reselling the fruit juice to other consumers. b. The fruit juice manufacturer produced in a perfectly competitive market. c. The two groups of consumers probably have the same demand elasticity for fruit juice. d. The cost of producing the product is relatively high. e. Demand for fruit juice is probably inelastic.
If a Japanese stereo priced at 1,000,000 yen can be purchased for $1,000, the exchange rate is:
a. 1,000 yen per dollar. b. 1,000 dollars per yen. c. 0.001 dollars per yen. d. none of these.