The theory of consumer demand
a. can be used to explain how an individual allocates time between two competing uses
b. is valid only for choices among various physical goods
c. is valid only for goods and services purchased for cash
d. is valid only if consumers are perfectly rational
e. can explain the demand for normal goods, but not the demand for inferior goods
A
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If some consumers think that two detergents have differing qualities, such as brand-name vs. private label detergents, wheres other consumers know that the detergents are identical, then the detergent producer can
A) reduce its costs. B) engage in a special type of price discrimination. C) avoid moral hazard. D) None of the above.
A shift occurs in the supply curve for salt when:
a. the price of salt increases. b. improvements are made in the production process. c. salt is found to be associated with high blood pressure. d. consumers expect the price of salt to increase in the future.