Suppose that when the price of hot dogs is $2 per package, there is a demand for 10,000 bags of hot dog buns. When the price of hot dogs is $3 per package, the demand for hot dog buns falls to 8,000 bags. What is the cross-price elasticity of demand for hot dogs and hot dog buns?
A. -0.4
B. -0.25
C. 4
D. 0.25
A. -0.4
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Most economists believe that the return of ________ during the 2007-2009 recession is a key reason why the recession was so severe
A) high interest rates B) rapid inflation C) high tariffs D) financial instability
Several states require cosmetologists to undertake 1,500 hours or more of training in order to obtain a license to provide hair styling or braiding services. This is an example of
a. antitrust legislation. b. government action that promotes competition. c. a barrier to entry d. the legal structure that is required for the operation of price-taker markets.
A motorboat is an example of a ______ good.
a. fixed b. nonfixed c. durable d. nondurable
Eric, a resident of Sweden, purchases a book printed in the U.S. Which country's exports increase?
a. Sweden's
b. the U.S.'s
c. Sweden's and the U.S.'s
d. neither Sweden's nor the U.S.'s