Suppose you buy a new Tesla Model S. The battery that comes with the car is a(n)
A. intermediate good.
B. financial good.
C. final good.
D. transfer good.
A. intermediate good.
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The above figure shows the market for anti-freeze. The government imposes the sales tax shown in the figure on sellers. Anti-freeze sellers would pay a larger part of this tax than what is shown in the figure if the
A) demand were more inelastic. B) demand curve were steeper. C) supply were more inelastic. D) supply were more elastic.
If consumers value the product-specific services for a new smartphone at $25, if retailers offer the product-specific services for the smartphone, the market ________ will ________.
A) demand; not shift B) demand; shift to the left C) supply; shift to the right D) demand; shift to the right
Why is trade based on comparative advantage?
What will be an ideal response?
A curve that shows all of the alternative consumption bundles that the consumer likes equally well is called:
A. a budget constraint. B. an indifference curve. C. an individual demand curve. D. a consumption bundle curve.