When a good is more narrowly defined (for example, airline travel versus Delta Airlines travel),
a. it will have fewer available substitutes so demand will be more elastic.
b. it will have fewer available substitutes so demand will be less elastic.
c. it will have more available substitutes so demand will be more elastic.
d. it will have more available substitutes so demand will be less elastic.
C
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An increase in income shift a person's budget line rightward and does not change its slope
Indicate whether the statement is true or false
The administrative burden of taxation relates to the a. the disincentive for individuals and businesses to work generate income
b. individuals' cost of preparing tax returns and the government's cost of enforcing tax laws. c. the opportunity cost of social programs. d. the net interest that must be paid on the national debt.
How do high rates of inflation lead to an increased frequency of cash withdrawals from an ATM or a bank?
If you have a $50 co-pay, you must pay ____ for each doctor’s visit.
A. $50 B. $35 C. $25 D. None of the above is correct.