If Joe says that nothing comes close to a Pepsi, his demand for Pepsi is likely to be
a. relatively price elastic
b. relatively income elastic
c. relatively price inelastic
d. unit elastic
e. infinitely elastic
C
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To signal to your insurance company that you are a low risk individual, to secure a lower premium, you should
a. Accept an insurance policy with a high deductible b. Accept an insurance policy with a low deductible c. Accept an insurance policy with a co-payment d. Both A&C
Which of the following is true? a. Price leadership is a form of explicit collusion
b. Price leadership is more likely when there are a substantial number of roughly equally sized firms in oligopoly. c. A price leader is most likely to be a dominant firm in an industry. d. None of the above is true.
Which of the following examples would illustrate a backward-sloping labor supply-curve?
a. An increase in a person's wages results in the person working fewer hours per week. b. A decrease in a person's wages results in the person working more hours per week. c. An increase in a person's wages results in the person working more hours per week. d. Both a and b are correct.
If the federal government balanced its budget, its tax revenues would be equal to government expenditures.
Answer the following statement true (T) or false (F)