The fact that landlords are able to pass the majority, but not all, of the burden of property taxes on to renters suggests that the price elasticity of demand for apartments is
A. Perfectly inelastic.
B. Elastic.
C. Inelastic.
D. Perfectly elastic.
Answer: C
You might also like to view...
Why does a prisoner's dilemma lead to a noncooperative equilibrium?
A) because players must choose from a limited number of non-dominant strategies B) because each player is uncertain how other players will play the game C) because each player had agreed before the game started to minimize the harm that he can inflict on the other players D) because each rational player has a dominant strategy to play a certain way regardless of what other players do
Refer to the above figure. Suppose E is the original equilibrium. An increase in the U.S. demand for Japanese-made goods will lead to
A) a depreciation of the yen and an increase in the quantity of yen sold per week. B) a depreciation of the yen and a decrease in the quantity of yen sold per week. C) an appreciation of the yen and an increase in the quantity of yen sold per week. D) an appreciation of the yen and a decrease in the quantity of yen sold per week.
Which of the following about unemployment is true?
a. Frictional unemployment implies a lack of available jobs. b. During a recession, cyclical unemployment will be low. c. When an economy is at full employment, actual unemployment will be less than the natural rate of unemployment. d. When actual GDP equals potential GDP, the actual unemployment rate will equal the economy's natural rate of unemployment.
Patents
A. are granted for a period of 10 years in the United States. B. create monopolies and are thus efficient. C. slow the flow of benefits from research and development to consumers. D. All of the above are correct.