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.
Gestalt Law of Good Continuation
The demand for cheap coal to generate electrical power is rising
Rice noodles are a good gluten-free substitute for pasta
The original Supply and Demand graph
Derive the following using the increment/delta method and find its slope
Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ...