Cell phone companies offer pricing plan alternatives in order to convert some
a. consumer surplus into profit
b. producer surplus into profit
c. economic profit into normal profit
d. profit into consumer surplus
e. consumer surplus into deadweight loss
A
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Suppose a whiskey maker advertises its whiskey as follows: "Whiskey that tastes expensive and is expensive." The manufacturer is assuming some customers who buy whiskey
A) have a perfectly inelastic demand for whiskey. B) have a relatively inelastic demand for whiskey. C) want to impress their friends or associates. D) will ignore the law of demand. E) will purchase more at higher than at lower prices.
A significant portion of the increase in state tax revenues from 1950 to 1970 was because _____
a. of high inflation b. of increased economic growth due to the Korean conflict c. many states adopted new tax bases they had previously not taxed d. increased property tax rates