Arrange the following goods from least to most elastic, explaining your ordering: gasoline, Shell gasoline, and Shell gasoline at a particular gas station
Gasoline is least elastic, since there are few substitutes for it available to power automobiles. Shell gas at a particular station is most elastic, since one can substitute other Shell stations or other brands of gas.
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When government borrowing decreases private investment by raising the market interest rate, this is known as
A. the Director's Law. B. crowding out. C. positive economics. D. the Ramsey Rule.
Refer to the table below. Recall that the bidders only know their own private value of the item and they do not know the other participants' private values. Further, assume each participant will submit bids using their optimal strategy. If the participants are bidding in an English auction and the auctioneer sets the opening bid $6 million and increases the bids by $0.25 million until no one
submits a higher bid, Bidder ________ wins the auction and pays ________.
The table above lists the independent private values of five participants in an auction. Each of the bidders only knows their own value and does not know the private values of the other participants.
A) #5; $9.5 million
B) #3; $10 million
C) #3; $9.75 million
D) #5; $9.25 million
After the Great Depression of the 1930s and particularly since World War II until the 1970s, the ideas of the __________ school became conventional wisdom
a. classical b. Keynesian c. monetarism d. supply-side e. rational expectations
Explain three factors that would cause the dollar to appreciate