Which product is most likely to be most price elastic?
A. Clothing
B. Automobiles
C. Gasoline
D. Milk
Answer: B
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A firm that conducts business all over the world is called a(n)
A. multinational corporation. B. international conglomerate. C. competitive corporation. D. government-owned business.
A tax on buyers will cause the ________ schedule to shift ________.
A. demand, left B. supply, left C. demand, right D. supply, right
Grocery shoppers who willingly pay high prices at one supermarket to avoid long lines at the check-out counter of another supermarket with lower prices demonstrate, through their actions,
A) they are not rational shoppers. B) they don't care about money. C) they would pay any amount of money to save a little time. D) all of the above. E) none of the above.
What ultimately determines what is produced under the concept of consumer sovereignty?
a. owners of capital b. government planning officials c. people who buy products d. people who make products