For which of the following purchases would the absolute price elasticity of demand be smallest?
A. a house
B. chewing gum
C. a tablet
D. a luxury sport utility vehicle
Answer: B
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Between 1850 and 1950 the productivity of the average American farm worker
A. declined. B. remained about the same. C. doubled. D. quadrupled.
The quantity of reserves demanded equals
A) required reserves plus borrowed reserves. B) excess reserves plus borrowed reserves. C) required reserves plus excess reserves. D) total reserves minus excess reserves.
Between 1870 and 2010, among the United States, Germany, Japan, and Australia, ________ grew at the fastest rate and ________ grew at the slowest rate
A) United States; Germany B) Germany; United States C) Australia; Japan D) Japan; Australia
In a price-leadership oligopoly, it is much simpler for the price leader to identify its dominant strategy when
a. at least one price follower has a terminal strategy b. it expects competition from the other firms c. it expects other firms to match its prices d. the government actively seeks antitrust penalties e. price equals marginal cost