Amber's Ambrosia's share of the delicacy market is 10% If the own price elasticity of the aggregate fast food industry is 0.8, what is the own price elasticity of Amber's fast food?
a. 5
b. 6
c. 7
d. 8
d
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Which of the following economists is/are considered the leader(s) in the theory of market behavior?
(a) Alfred Marshall (b) Adam Smith (c) David Ricardo (d) All of the above
Farmers who joined the Greenback Party in the late-19th century felt that
a. the government should make efforts to curb the inflation that the country was experiencing. b. farm prices were too high in comparison to the overall price-level of the economy. c. the government should own all transportation and communication facilities. d. an increase in the money supply would benefit debtors.
Price and total revenue move in opposite directions when demand is elastic
Indicate whether the statement is true or false
All of the following are tangible goods except: a. a skateboard
b. a desk. c. a train locomotive. d. fairness.