Refer to Figure 2-8. If Vidalia chooses to produce 50 dozen roses, how many orchids can it produce to maximize production?

When consumers' incomes increased 10 percent, the quantity of milk bought increased 5 percent. This result means

A) the demand for milk is income elastic. B) milk is a necessity. C) milk is a luxury. D) milk is an inferior good.

An oligopolist does not spend money on advertising because consumers are rational in an oligopolistic market

a. True b. False Indicate whether the statement is true or false