Author Question: Every Friday night Elizabeth either goes bowling or goes to the movies. Because the price of bowling ... (Read 47 times)

kaid0807 · **on:** Jun 30, 2018

Every Friday night Elizabeth either goes bowling or goes to the movies. Because the price of bowling went up, Elizabeth now sees more movies. Elizabeth's behavior would be best described as a change in which determinant of demand?
a. Price of complementary goods
b. Expectations
c. Income
d. Number of buyers
e. Price of substitute goods

Question 2

Which of the following best distinguishes a command economy from a market economy?
a. A command economy is more efficient than a market economy because decision making is centralized.
b. There is scarcity in command economies, but not in market economies.
c. Command economies are less prone to inflation than are market economies.
d. Production and distribution decisions are made by central planners in a command economy, but not in a market economy.