Which of the following will improve your bargaining position with customers
a. The product your team produces has become more costly to produce
b. New firms have entered the market with competing products for the ones your team produces
c. Your competitors have developed new products that contain more of the features that your team produces
d. There are fewer close substitutes for the product your team supports
d
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What is the elasticity of residual supply faced by the USA in the cashew juice market, where the market supply elasticity is 1, the elasticity of demand of the other countries is -2, and the U.S. imports 10% of the world's cashew juice production?
A) 14 B) 20 C) 28 D) 34
A common assumption that economists make about the behavior of elected officials is that they try to
a. maximize the size of their government salaries b. maximize the size of their control over the budget process c. maximize the number of votes they receive in the next election d. minimize the government's expenditures in order to balance the budget e. conform to the wishes of special interest groups so that the government behaves as a single, consistent decision maker