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

Economics

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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

Economics

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.

Economics

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.

Economics

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)

Economics