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True, false or uncertain? Justify your response to the following statement.
a) An increase in the price of food in southern Ontario would increase the price of agricultural land and increase population density in Toronto in equilibrium.
b) Tim Hortons carefully chooses where to locate its stores. Some locations, such as at the intersection of two streets, have a natural advantage because of a higher number of customers who walk by or drive by. Locations with such advantages would not produce higher profits in equilibrium.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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