Suppose the manager of a store wants to know whether the product of the store across the street is a substitute for her product. In other words, she would need to know if the _____ for the products is positive
a. cross-price elasticity of demand
b. price elasticity of demand
c. income elasticity of demand
d. price elasticity of supply
e. cross-price elasticity of supply
a
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The most a monopolist can sell at any given price is:
A. the amount he alone can supply the market with. B. the amount demanders are willing to buy at that price. C. constrained by the availability of inputs. D. less than if it were a perfectly competitive market.
Abstraction is unnecessary when economic analysis is done properly.
Answer the following statement true (T) or false (F)
The demand for reserves curve in the federal funds market is
A) horizontal. B) vertical. C) upward sloping. D) downward sloping.
An income tax for which the average tax rate decreases with income is called a
A) regressive income tax. B) proportional income tax. C) flat-rate income tax. D) progressive income tax.