If Juan purchases the same number of gallons of gasoline per week regardless of changes in gasoline price, Juan's demand for gasoline is:
A. perfectly elastic.
B. elastic.
C. perfectly inelastic.
D. inelastic.
Answer: C
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A price floor that is set below the equilibrium price
A) causes suppliers to lower their prices. B) is binding. C) is non-binding. D) creates a shortage.
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A. was favored by John Nash. B. was favored by John Rawls. C. is an outcome-oriented notion of equity. D. is a process-oriented notion of equity.
Which of the following is an accurate list, in order, of the steps of the scientific process?
a. define variables; state assumptions; form a hypothesis; test b. state assumptions; define variables; form a hypothesis; test c. identify variables; state assumptions; test; form a hypothesis d. identify variables; form "other things equal" assumptions; form behavioral assumptions; test e. form "other things equal" assumptions; form behavioral assumptions; form hypothesis; test
A tax levied on the buyers of a good shifts the
a. supply curve upward (or to the left). b. supply curve downward (or to the right). c. demand curve downward (or to the left). d. demand curve upward (or to the right).