A ptomaine poisoning scare causes a decrease in the demand for canned tuna fish. Everything else equal, the demand curve for aluminum cans will
A. become steeper.
B. become flatter.
C. fall.
D. rise.
Answer: C
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If the absolute value of the price elasticity of demand for gasoline is 0.5, then a 10 percent increase in the price of gasoline leads to a 0.5 percent decrease in the quantity demanded
Indicate whether the statement is true or false
Lemonade anyone? Raymond decides to set up a lemonade stand every weekend for the next four weeks to save up for the latest x-men comic. He has to pay his brother Robert $10 as a one-time payment for him to not bully Raymond or drive his customers away
The lemons and sugar cost him $10 (the water is free) and his dad offers to set up his stall for him. He ends up making $15 his first weekend. Frank, his father notices this and advises Raymond to shut down the stall since he is making less than he is spending on the stall. What would you advice Raymond to do?
There are two states of the world. In state one the person receives one hundred dollars. In state two the person receives fifty dollars. If the person is rational and their expected return is $87.50, then the probability with which state one occurs must be
a. 0.25. b. 0.50. c. 0.75. d. 1.00.
Politicians are often heard saying that tuition at state universities should be kept low "to make education equally accessible to all residents of the state, regardless of income." Assuming that state funding for the universities is held constant, what condition will prevail if tuition is held below equilibrium price? Will education really be "equally accessible" under these conditions?
What will be an ideal response?