A reduction in the price charged for luncheon specials by a downtown cafeteria will
A) affect the demand (curve) for that cafeteria's luncheons if its competitors react.
B) have no effect on the demand for lunch at other downtown restaurants.
C) increase the cafeteria's gross revenue from lunch business.
D) increase the cafeteria's net revenue from lunch business if the demand is elastic.
E) increase the cafeteria's net revenue from lunch business if the demand is inelastic.
A
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Competition would probably be abolished if society could find a way to abolish
A) inequality. B) scarcity. C) money. D) economists.
Irving Fisher took the view that the institutional features of the economy which affect velocity change ________ over time so that velocity will be fairly ________ in the short run
A) rapidly; erratic B) rapidly; stable C) slowly; stable D) slowly; erratic