Why is the commercial value of ivory a threat to the elephant, while the commercial value of beef is the cow's guardian?
a. Elephants live in Africa, whereas cows live in the United States.
b. Elephants are a common resource.
c. Cows are a common resource.
d. Cows are a public good.
b
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The theory underlying demand and supply curves assumes that, all other things unchanged, the primary variable that assures the equality of the quantities demanded and supplied is:
A) consumer income. B) the preferences of consumers. C) the expectations of consumers and producers. D) price.
Which of the following is not an advantage cost-plus pricing?
A) It leads to profit maximization. B) It could lead to price stability if the industry is made up of identical firms all using the same method of pricing. C) It is an easy method to implement if a firm produces multiple products and has overhead costs that are difficult to allocate to a particular good. D) It is easy to justify price increases when total costs of production increase.