Factors that will tend to lead to higher demand for premium bottled water include all of the following except
A) the popularity of the product with millennials.
B) taxes on sodas that cities have been imposing.
C) doubts about the benefits of ingredients such as electrolytes which are not found in regular bottled water.
D) the possibility of attracting consumers who now prefer energy drinks and sports drinks.
Answer: C
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Which of the following is true of monopolistic competition but is not true of perfect competition?
a. Each firm distinguishes its product from that of its competitors. b. The firm engages in marginal cost pricing. c. The firm produces at the point where average total cost is minimized. d. There are significant barriers to the entry of new firms in the industry.
Suppose there are a series of forest fires that affect the lumber industry while, at the same time, consumers demand more wooden furniture. The wooden furniture market would experience
A. A decrease in price and an indeterminate change in quantity. B. An increase in quantity and an indeterminate change in price. C. An increase in price and an indeterminate change in quantity. D. An increase in price and an increase in quantity.