Computers and software programs are
a. inferior goods
b. complementary goods
c. goods with a cross-price elasticity of demand of 0
d. substitute goods
e. perfectly elastic goods
B
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Rank the following goods from least to most elastic: gasoline, Unocal gasoline, gasoline at Murph's Unocal Station
A) Gasoline, Unocal gasoline, gasoline at Murph's Unocal Station B) Gasoline, gasoline at Murph's Unocal Station, Unocal gasoline C) Gasoline at Murph's Unocal Station, Unocal gasoline, gasoline D) Unocal gasoline, gasoline at Murph's Unocal Station, gasoline E) Unocal gasoline, gasoline, gasoline at Murph's Unocal Station
The individual demand curve for an input such as labor to a firm would be the downward sloping portion of the firm's
A) marginal physical product curve. B) marginal revenue product curve. C) marginal revenue curve. D) total revenue curve.
Arbitrage
a. Is the act of to buying low in one market and selling high in another market b. Can force a seller to go back to uniform pricing c. Can defeat direct price discrimination d. All of the above
Figure 4-21
Refer to . The price paid by buyers after the tax is imposed is
a.
$18.
b.
$14.
c.
$12.
d.
$8.