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Author Question: Which of the following is not a determinant of a good's price elasticity of demand? A) the slope ... (Read 137 times)

lidoalex

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on: Jun 29, 2018
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.
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
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mammy1697

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

C


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