Annual design and model changes are a form of nonprice competition.
Answer the following statement true (T) or false (F)
True
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We have read in this chapter that people with insurance may be more likely to engage in risky behavior because they are insured. Does it make sense then that there should be an "insurance tax" on people that engage in these types of activities?
What will be an ideal response?
The duration of an expansion is measured from:
A. trough to trough. B. peak to peak. C. peak to trough. D. trough to peak.
Suppose the price of pizza is $2 and the consumer optimum is reached when MU/P = 3. Tom's preferences for pizza are shown in the above table. How many slices will Tom buy?
A. 1 slice B. 2 slices C. 3 slices D. 4 slices
Sarah and David both have linear demand curves for lemonade. Sarah's demand curve for lemonade intersects David's demand curve at a price of 50 cents per glass. Sarah's demand curve is more inelastic than David's. A change in the price of lemonade from 50 cents to 25 cents per glass will
A) decrease Sarah's consumer surplus more than David's. B) decrease David's consumer surplus more than Sarah's. C) increase Sarah's consumer surplus more than David's. D) increase David's consumer surplus more than Sarah's.