Which of the following goods is likely to have an income elasticity of demand that is less than zero?
a. A luxury yacht
b. A beach house
c. A state-of-the-art cellular phone
d. A box of generic macaroni and cheese dinner
e. A dinner at a French restaurant
d
You might also like to view...
There are ________ members of the FOMC
A) 5 B) 7 C) 12 D) 19
In the long run, a perfectly competitive firm will
A) be able to make an economic profit. B) produce but incur an economic loss. C) make zero economic profit. D) not produce and will incur an economic loss equal to its total fixed cost. E) not produce but not incur an economic loss.
A firm produces output according to the production function, q = L4/3K1/2 and faces input prices equal to w = $20 and r = $80. What is the minimum cost of producing 1140 units of output?
A) Cost = $780. B) Cost = $694 C) Cost = $2,071. D) Not enough information is given to answer this problem.
How is a monopolistically competitive industry like perfect competition? How is it like monopoly?
What will be an ideal response?