Given the price of a good or service, what determines how much a person is willing to pay for that good or service?
A. total utility
B. marginal utility
C. average utility
D. the substitution effect
Answer: B
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The less elastic the supply, the
A) less likely the government is to tax the product. B) less likely the government is to impose a price ceiling. C) larger the fraction of any tax imposed on the product that is paid by the suppliers. D) less elastic the demand.
Explain why despite enormous natural resources, much of Latin America's population remains in poverty and the region has been repeatedly experiencing financial crises
What will be an ideal response?
What does a perfectly elastic demand curve look like? A perfectly inelastic demand curve? Explain
What will be an ideal response?
The Ceteris paribus assumption is important when building economic models
a. True b. False Indicate whether the statement is true or false