The reason cigarette taxes would impact kids more than adults is that adult demand is ________ elastic than demand by kids.
A. as
B. more
C. less
D. neither more or less
Answer: C
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Assume the average annual CPI values for 2015 and 2016 were 207.3 and 215.3, respectively. What was the percent increase in the CPI between these two years?
A) 3.86 B) 0.96 C) 8.0 D) 1.04
Behavioral economists have found that people ______________, and this leads to irrational decisions.
A. often forget money is fungible B. often undervalue opportunity costs C. often forget to ignore sunk costs D. All of these statements are correct.
In a perfectly competitive market, long-run equilibrium requires which of the following?
a. Allocative efficiency and productive efficiency b. Allocative efficiency and zero profits c. Productive efficiency and zero profits d. Productive efficiency and elasticity
In a market where all goods are perfect substitutes for each other,
a. the price elasticity of demand is 1.0 for all goods b. the market is perfectly competitive c. only one producer dominates d. only a few firms can operate e. brand loyalty is high