How much is induced consumption?
C = $4.5 trillion
Disposable income = $5 trillion
Autonomous consumption = $3 trillion
$1.5 trillion
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An increase in subway fares in New York City will boost your expenditures on subway rides if
A) the supply of subway rides is elastic. B) the supply of subway rides is inelastic. C) your demand for subway rides is elastic. D) your demand for subway rides is inelastic.
Explain what will happen if firms in a monopolistically competitive industry are earning positive economic profits
What will be an ideal response?
User reviews of products on store websites that reassure buyers of the quality is an example of:
A. screening. B. building a reputation. C. statistical discrimination. D. None of these statements is true.
In adaptive expectations, people and firms
a. immediately change their behavior based on past events. b. perfectly change their behavior based on past events. c. gradually change their behavior based on past events, but not perfectly. d. perfectly and gradually change their behavior based on past events.