Which of the following is not a determinant of the price elasticity of demand?
A. The number of substitute goods available.
B. The time frame-whether it is in the short run or long run.
C. The share of a consumer's budget.
D. The amount of income the consumer has.
Answer: D
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Refer to the scenario above. Which of the following statements will hold true if the starting bid is $300?
A) Everyone except Bob will take part in the auction. B) Everyone will take part in the auction. C) Only Bob will take part in the auction. D) Everyone except Joe will take part in the auction.
Once a firm has selected a price for its product, quantity is decided by consumers and their demand curves
a. True b. False Indicate whether the statement is true or false
Of the four countries below, the country that has the most income equality is
a. Ethiopia. b. France. c. Russia. d. Thailand.
Who would be more likely to study the inflation rate in the United States, a macroeconomist or a microeconomist?