The price of services at Urban General falls by 10 percent
a. Quantity demanded at Urban General increases by 15.0 percent.
b. Quantity demanded at Urban General increases by 1.5 percent.
c. Quantity demanded at St.Elsewhere rises by 3.5 percent.
d. Quantity demanded at St.Elsewhere falls by 5.0 percent.
e. Quantity demanded at Urban General rises by 5.0 percent.
B
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Which of the following is NOT associated with a high degree of monopoly power?
A) A relatively inelastic demand curve for the firm B) A small number of firms in the market C) Significant price competition among firms in the market D) Significant barriers to entry
In economics, the demand for a good refers to the amount of the good people: a. would like to have if the good were free
b. will buy at various prices. c. need to achieve a minimum standard of living. d. will buy at alternative income levels.
Another description for capitalism is:
a. The socialist economy b. The market system c. The system of inputs and outputs d. The command system
What is public choice?
What will be an ideal response?