Duke increased his spending on steak from $7 to $11 per week because of a 12 percent salary increase, so his
A) income elasticity of demand for steak is 1.37.
B) price elasticity of demand for steak is 1.37.
C) income elasticity of demand for steak is 3.7.
D) price elasticity of demand for steak is 3.7.
C
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A monopoly whose monopoly power is based on its exclusive access to a resource is always threatened by the possibility of
a. technological change b. patents c. economies of scale in production d. new firms entering the industry e. its position as a natural monopoly
The present discounted value of a future payment will increase when the
A. Risk of nonpayment increases. B. Future payment is moved further into the future. C. Opportunity cost of money increases. D. Interest rate decreases.
Suppose the nation of Alphonia was charged with dumping electric lawnmowers in the nation of Omegalon. The charge of dumping electric lawnmowers in the Omegalon market means that Alphonia was accused of:
A. selling faulty electric lawnmowers in Omegalon. B. selling electric lawnmowers below cost or below domestic prices. C. selling counterfeit-branded electric lawnmowers in Omegalon. D. discarding electric lawnmowers which would not sell in their home country.
What are the five most important variables that cause the market demand curve for labor to shift?
What will be an ideal response?