The price elasticity of demand for a commodity is determined primarily by the
a. size of the consumer surplus.
b. availability of good substitutes for the good.
c. incomes of consumers.
d. availability of complementary goods.
B
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In general, we would expect the marginal cost of pollution abatement to be
A) zero. B) decreasing. C) increasing. D) constant.
Income received minus direct taxes is called
a. national income b. personal income c. disposable personal income d. transfer payments e. net national product
Which of the following scenarios could be an example of increasing marginal utility?
a. A father buying three game CDs for his son. b. A shopkeeper selling the tenth unit of hamburger. c. A philatelist buying an additional stamp for collection. d. A consumer buying an additional unit of apple.
The money aggregate M1 consists of
A) currency and savings accounts. B) currency and checking deposits, including traveler's checks. C) only checking deposits and time deposits. D) checking accounts, savings accounts and Treasury bills.