Which of the following is not a determinant of a good's price elasticity of demand?
A) the slope of the demand curve
B) whether the good is a luxury or a necessity
C) the share of the good in the consumer's total budget
D) the passage of time
Question 2
Which of the following statements about the economic decisions consumers, firms, and the government have to make is false?
A) Each faces the problem of scarcity which necessitates trade-offs in making economic decisions.
B) Both firms and individuals face scarcity.
C) Only individuals face scarcity; firms and the government do not.
D) Governments face the problem of scarcity in making economic decisions.
How to use Cramer's rule to solve a second-order determinant (Question 2)
How to use Cramer's rule to solve a second-order determinant (Question 1)
Potatoes are a good source of complex carbohydrates
The net price of an article is $79.84. What is the list price if a discount of 23% was allowed?
The price of rice in a small country is currently $6 per pound. In order to help low-income ...
Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.