Which of the following products has the least elastic demand?
A. Raspberry Mocha Kona coffee blend at Starbuck's
B. Starbuck's coffee
C. coffee
D. all beverages
Answer: D
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Given the budget line in the above figure, if income is $60, then the price of a pizza is ________ and the price of a CD is ________
A) $5; $20 B) $6; $4 C) $15; 15 D) $10; $15
Constant returns to scale refers to when:
A. an increase in the quantity of output decreases average total cost in the long run. B. an increase in the quantity of output increases average total cost in the long run. C. average total cost does not depend on the quantity of output in the long run. D. None of these is true.
When comparing average wages for black and white men in the United States, wages paid to black men have been about 20 percent less than those paid to white men
a. True b. False Indicate whether the statement is true or false
Conditions that can throw the market off of perfect equilibrium:
What will be an ideal response?