The demand for which of the following commodities is likely to be most price inelastic?
A. Hamburgers
B. Food
C. Big Macs
D. Sandwiches
Answer: B
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The expenditure approach to calculating GDP for an open economy entails adding consumption, investment, and government purchases
Indicate whether the statement is true or false
Your U.S.-based company is selling parts to a company in Bangladesh. If the Bangladeshi company purchases a futures contract
A) the Bangladeshi company bears the exchange rate risk. B) your company bears the exchange rate risk. C) the companies share in the exchange rate risk. D) there is no exchange rate risk.
When there is a positive cross-price elasticity of demand between two goods,
a. they are independent goods b. they are complementary goods c. they are substitute goods d. they are normal goods e. the income elasticity of demand is positive
Voluntary exchange between buyers and sellers generates ________ in a market economy
A) scarcity B) allocative efficiency C) productive efficiency D) equity