The number of vehicle types available in the United States has increased dramatically over the past thirty years. Everything else equal, this would make
A) the demand for individual vehicle types to become less elastic.
B) the demand for individual vehicle types to become more elastic.
C) the demand for all vehicle types to become unitary elastic.
D) the demand for low quality vehicle types to become less elastic.
B
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When does a shortage occur?
What will be an ideal response?
The production possibilities curve shows different combinations of goods that:
a. can be consumed by households. b. can be consumed by firms. c. can be produced with the available technology. d. are produced and consumed by firms. e. are bought and sold in the market.
Which of the following will increase economic freedom?
a. institutions and policies supportive of voluntary exchange b. high tariff rates c. high taxes d. rapid and unpredictable inflation e. all of the above
Which of the following would most likely be considered complements?
A. rental cars and taxis B. butter and margarine C. tennis rackets and tennis balls D. plastic wrap and aluminum foil