Which of the following products has the least elastic demand?
A. Coca Cola in 12 oz. cans
B. all cola drinks
C. all carbonated beverages
D. all beverages
Answer: D
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A lower real interest rate ________ investment spending and ________ consumption spending.
A. decreases; increases B. increases; increases C. decreases; decreases D. increases; decreases
Double coincidence of wants is avoided if money is used as a:
A. measure of value. B. medium of exchange. C. standard of deferred payment. D. store of value
Suppose a monopolist's demand curve is P = 60 - Q, and its cost function is C = 10Q + 50 so its marginal cost is 10. If a governmental agency wished to set the price that maximized social welfare, that price would be
A) $10.00. B) $11.02. C) $14.57. D) $35.00.
Consumer equilibrium occurs at:
a. any point of intersection between the budget line and an indifference curve. b. a point of tangency between the budget line and an indifference curve. c. the point where the slope of the indifference curve equals the ratio of the quantities. d. a point where the budget line cuts the curve from below.