If there is a surplus in the oil market, then the price of oil will:
A. rise.
B. fall.
C. remain unchanged.
D. react unpredictably.
Answer: B
Economics
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If the price elasticity of demand for a good equals one, then the demand for that good is:
A. inelastic. B. elastic. C. unit elastic. D. perfectly elastic.
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The distribution of income is not a zero-sum game
Indicate whether the statement is true or false
Economics
Buyers and sellers neglect the external effects of their actions when deciding how much to demand or supply
a. True b. False Indicate whether the statement is true or false
Economics
The demand for which of the following commodities is likely to be most price inelastic?
A. Hamburgers B. Food C. Big Macs D. Sandwiches
Economics