The absolute price elasticity of demand for a product for which annual expenditures make up a very small share of a typical consumer's budget is probably
A. less than 1.
B. equal to 1.
C. infinity.
D. greater than 1.
Answer: A
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With which country did the Debt Crisis of the early 1980s begin?
A) France B) Mexico C) Argentina D) Japan E) Germany
All these are characteristics of a monopoly except,
a. There is one seller of the product b. Has few substitutes c. Controls a large share of the market d. Controls a small share of the market
The recency effect is:
A. a basic human tendency to overvalue recent experience when trying to predict the future. B. a hotly debated concept among psychologists and economists. C. earning a profit by betting against what everyone else is doing. D. accounting for most recent profits or losses first on financial statements.
General sales taxes, excise taxes, customs duties, business property taxes, and license fees are all part of
a. indirect business taxes b. income taxes c. disproportionate taxes d. capital depreciation e. progressive taxes