Use the above table. The income elasticity of jam is
A. 0.33.
B. -3.00.
C. 3.00.
D. -0.33.
Answer: D
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Refer to the above figure. Excess quantity supplied will exist when
A) the price equals $10. B) quantity demanded equals 3. C) the price equals $6. D) the price is between $0 and $6.
Higher resource costs shift the
A) long-run aggregate supply curve leftward, decreasing real GDP and increasing potential GDP. B) short-run aggregate supply curve leftward, raising the price level and decreasing potential GDP. C) short-run aggregate supply curve leftward, raising the price level and decreasing real GDP so it is less than potential GDP. D) short-run aggregate supply curve rightward, raising the price level and decreasing real GDP so it is less than potential GDP.
The _____ gives a hunter ownership rights on a bird killed by him while it was flying over his property
a. unitization contract b. Coasian reasoning c. rule of first possession. d. rule of reason
if the entire output of a market is produced by a single seller, the firm:
A.) Is a monopoly. B.) Is competitive. C.) Is an oligopolist. D.) Faces a perfectly vertical demand curve.