The demand for markers is ________ than is the demand for Sharpies because ________.
A. more price elastic; the scope of the market is for markers is more broadly defined
B. less price elastic; markers require a smaller portion of one's income
C. less price elastic; the scope of the market for markers is more broadly defined
D. more price elastic; markers require a smaller portion of one's income
Answer: C
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According to the graph shown, the change in producer surplus brought about by the introduction of a tariff is:
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
A. a loss of HIJKL.
B. an increase of HIJKL.
C. a loss of H.
D. an increase of H.
In the self-correcting AD-AS model, the economy's short-run equilibrium position is indicated by the intersection of which two curves? a. Short-run aggregate supply and long-run aggregate supply
b. Short-run aggregate supply and aggregate demand. c. Long-run aggregate supply and aggregate demand. d. Long-run aggregate demand and short-run personal consumption expenditures curve. e. Short-run aggregate demand and long-run personal consumption expenditures curve.
If a country has $2.4 billion of net exports and purchases $4.8 billion of goods and services from foreign countries, then it has
a. $7.2 billion of exports and $4.8 billion of imports. b. $7.2 billion of imports and $4.8 billion of exports. c. $4.8 billion of exports and $2.4 billion of imports. d. $4.8 billion of imports and $2.4 billion of exports.
A situation in which output decreases while prices increase is often referred to as:
A. inflation. B. negative economic growth. C. a recession. D. stagflation.