When Pepsi is considering a price hike, it needs to consider how Coke may react. This situation is called:

The supply curve of land, in the market for uses of land, is:

a. perfectly inelastic. b. nonexistent. c. perfectly elastic. d. positively sloped. e. negatively sloped.

Rapid population growth

a. was hailed by Thomas Robert Malthus as the key to future economic growth. b. tends to lead to higher levels of educational attainment. c. is the main reason that less developed nations are poor. d. may depress economic prosperity by reducing the amount of capital which each worker has to work with.