Rank the following goods from least to most elastic: high octane unleaded gasoline, unleaded gasoline, gasoline
A) High octane unleaded gasoline, unleaded gasoline, gasoline
B) High octane unleaded gasoline, gasoline, unleaded gasoline
C) Unleaded gasoline, high octane unleaded gasoline, gasoline
D) Gasoline, unleaded gasoline, high octane unleaded gasoline
E) None of the above.
D
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Two key consequences of asymmetric information are adverse selection and moral hazard. Define each concept, provide one example of each, and explain how the two concepts differ
What will be an ideal response?
Refer to Scenario 15.1. If the interest rate is expected to fall to 5% in years 4 and 5, in terms of current dollars the value of the Muckrakers payments will
A) rise. B) stay the same. C) fall. D) change, but we cannot answer this question without further information.
A decrease in the market price of a product will reduce producer surplus because new producers will enter the market
a. True b. False Indicate whether the statement is true or false
When the Fed wishes to decrease the money supply, it can
A. ask people to buy more bonds. B. turn additional funds over to the Treasury. C. increase the required reserve ratio. D. decrease the required reserve ratio.