Which of the following would most likely have a price elasticity coefficient less than 1?
A. Coffee.
B. Fresh fish.
C. New cars.
D. Televisions.
Answer: A
You might also like to view...
In the basic Keynesian model, an increase in government purchases:
A. reduces potential output. B. increases short-run equilibrium output. C. increases potential output. D. reduces short-run equilibrium output.
Which of the following statements is CORRECT?
A) When demand increases, both the price and the quantity increase. B) When demand decreases, the price rises and the quantity decreases. C) When supply increases, the quantity decreases and the price rises. D) When supply decreases, both the price and the quantity decrease.
It is widely known among baseball enthusiasts that Babe Ruth actually performed quite well as a pitcher before leaving the Boston Red Sox for the New York Yankees. He was also of course a famously successful hitter
Why do you believe the Yankees chose not to use him as a pitcher? Explain using economic reasoning. Hint: pitchers typically only play every third or fourth game whereas other players in other positions play in nearly every game. Baseball has a season of 162 games.
You've read about a soldier who, in the heat of battle, willingly sacrifices his or her life to save the lives of fellow soldiers. How can you best explain such a sacrifice in terms of utility analysis? a. The soldier makes an interpersonal comparison of utility and decides that the life of the soldier saved is less valuable than his own
b. The soldier makes an interpersonal comparison of utility and decides that the probability of getting killed is less than the probability of not getting killed, but waswrong. c. The soldier makes an interpersonal comparison of utility and decides that the probability of getting killed is less than the probability of not getting killed, and wasright, but the probability of getting killed was still greater than zero. d. In the heat of battle, the soldier may place an incredibly high value on saving a comrade's life, even higher than his own. e. In the heat of battle, a soldier doesn't think rationally.