Which figure above shows the effect if research is published claiming that eating pizza is healthy?
A) Figure A
B) Figure B
C) Figure C
D) Figure D
E) Both Figure A and Figure D
A
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Excludability matters because it:
A. creates a perceived scarcity that causes buyers to have an inelastic demand for the good. B. creates a perceived scarcity that allows the seller to keep the price artificially high. C. allows owners to set an enforceable price on a good. D. allows consumers to control the price of a good.
Which of the following is a tool that economists use to explain why the demand curve has a downward slope?
a. the law of demand b. rules of thumb c. the law of diminishing marginal utility d. the endowment effect
If the market price of a product falls and as a result total revenue of firms falls, we can conclude that
A. demand is inelastic in this price range. B. the product's price is above the midpoint of its demand curve. C. the demand curve is horizontal. D. demand is elastic in this price range.
Inflation makes money an imperfect store of value
Indicate whether the statement is true or false