List the major non-price determinants of demand
What will be an ideal response?
Consumer preferences (tastes), income, prices of related goods (complements and substitutes), future expectations, and number of buyers.
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When Mik has an absolute advantage in the production of two goods over Tommy, Mik
A) is less productive than Tommy. B) is better off if he does not engage in specialization and trade with Tommy. C) is more productive in producing both goods than Tommy. D) always has a comparative advantage over Tommy in the production of both goods. E) cannot gain from trade with Tommy.
If you own a bond with a seven percent coupon rate and new bonds are paying five percent, what will happen to your bond's market price?
What will be an ideal response?
Suppose the market for potatoes can be expressed as follows: Supply: QS = -20 + 10p Demand: QD = 400 - 20p Solve for the equilibrium price and quantity
What will be an ideal response?
If the absolute price of a computer is $500 and the relative price of a dining room table is 3 computers, it follows that the absolute price of a dining room table is
A) $167. B) $750. C) $3,000. D) $30,000. E) none of the above