In early 1996, the upper Midwest suffered record cold, with wind chills of fifty degrees below zero or worse. Yet, grocery stores stocked fresh citrus fruit (obviously not grown locally). Why did grocers stock the fruit?
a. the desire for profit
b. concern for their neighbors
c. the need to dispose of excess production
d. government orders to distribute fruit
e. All of the above are correct.
a
Economics
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If Jeff's wage rate rises, he decides to work fewer hours. From this, we can infer that
A) for Jeff, the substitution effect is greater than the income effect. B) for Jeff, the substitution effect is equal to the income effect. C) for Jeff, the substitution effect is less than the income effect. D) Jeff is a nitwit.
Economics
Which of the following is not a barrier to entry in an industry?
A. Economies of scale B. Profit maximization C. Strategic pricing D. Government licensing
Economics