If the elasticity measure equals 3.5, then the demand is
A) elastic.
B) unit elastic.
C) inelastic.
D) infinitely elastic.
A
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The ability of an owner of a piece of property to deny its use to others is labeled ________
A) excludability B) rivalry C) non-rivalry D) lugubrious
Normative analysis offers decision makers the most valuable information when choosing among alternatives
Indicate whether the statement is true or false
If a pair-wise majority vote was held and the voters' preferences are shown in the table, which of the following is true?
A. The preferences of each member is transitive.
B. The collective preferences of the group are transitive.
C. The outcome of the vote will not change, regardless of voting method.
D. The most efficient outcome for the group will occur if pair-wise majority voting was used.
The problem of scarcity is confronted by:
A) industrialized societies. B) pre-industrialized societies. C) societies governed by communist philosophies. D) all societies.