Which of the following is likely to have the most price inelastic demand?
a. strawberry-banana milk shakes
b. gasoline in the short run
c. diamond earrings
d. box seats at a major league baseball game
b
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The above figures show the market for hamburger meat. Which figure(s) shows the effect of an increase in the price of a substitute like hot dogs?
A) Figure A B) Figure C C) Figure D D) Figures A and C
Refer to Figure 5-13. The market equilibrium quantity of gasoline is ________ million gallons per month
A) 20 B) 32 C) 48 D) 56
Imbalances in information can cause problems between:
A. buyers and sellers. B. lenders and borrowers. C. employers and employees. D. All of these statements are true.
Total cost includes:
A. one-time expenses and ongoing expenses. B. one-time expenses, but not ongoing expenses. C. only ongoing expenses, not one-time expenses. D. only expenses that are variable.