At a Ski Resort Located Over One Hour from the Nearest

question 13

Multiple Choice

At a ski resort located over one hour from the nearest largetown, there is only one grocery store and it charges pricesmore than 200 percent above the typical retail prices. In thelong run, we would expect that:

• A)another store will open that will charge equally high prices since competition is low.
• B)the store will continue to earn high profits even in the long run since the size of the market is small.
• C)demand will decrease since people will not want to pay the high prices.
• D)another store will open that will charge lower prices.(True Answer )Correct

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Definitions:

Socioeconomic Status

A measure of an individual's or family's economic and social position in relation to others, based on income, education, and occupation.

Hypnosis

A trance-like state of focus and concentration achieved with the help of a therapist, used for therapeutic purposes.

Brain Imaging

The use of various techniques to visually capture the structure or function of the brain, often used for diagnostic or research purposes.

Altered Consciousness

A change in one’s normal mental state, possibly due to drugs, trauma, meditation, or sleep deprivation.