Normally, we expect voters' preferences to exhibit a property called
a. transitivity.
b. transversality.
c. normality.
d. universality.
a
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The magnitude of the slope of the budget line is the ratio of
A) a price to its quantity. B) a quantity to its price. C) two prices. D) two marginal rates of substitution.
In recent years, the price of smartphones has fallen, while the quantity exchanged of smartphones has risen. We can conclude that this is most likely a result of
A) a decrease in supply while demand remained constant. B) an increase in demand while supply remained constant. C) an increase in demand that exceeded an increase in supply. D) an increase in supply that exceeded an increase in demand.
Suppose Good Food's supermarket raises the price of its steak and finds its total revenue from steak sales does not change. This is evidence that price elasticity of demand for steak is:
a. perfectly elastic. b. perfectly inelastic. c. unitary elastic. d. inelastic. e. elastic.
A corporation's _____ can sometimes influence its decisions without making efforts to replace its management
a. hierarchy b. specialized workforce c. small shareholders d. block holders