Suppose that in a month the price of a dozen of eggs increases from $1.50 to $2. At the same time, the quantity of dozens of eggs demanded decreases from 200 to 150. The price elasticity of demand for dozens of eggs is:
A. perfectly inelastic.
B. inelastic.
C. unit elastic.
D. elastic.
Answer: C
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If growing income inequality results from or encourages more rent seeking that, as a whole, make society worse off, this will
A) increase the size of the economic pie despite the income inequality. B) decrease the size of the economic pie. C) not change the size of the economic pie because the rent-seeking behavior will benefit enough parties to completely offset the effects of the increases in income inequality. D) result in complete income inequality as rent seeking continues to occur in the future.
Briefly describe the three most widely followed stock indexes in the United States
What will be an ideal response?
Suppose that the market price for hot dogs sold by street vendors has just risen from $4.50 to $5.00, and that in response Curly has now begun operating a hot dog cart. We can assume that Curly's reservation price for hot dogs is:
A. greater than $4.50 but no more than $5.00. B. at least $5.00. C. $4.50. D. $5.00.
Which of the following shifts the demand curve for hot dogs leftward?
A) an increase in the price of a hot dog bun B) a decrease in the price of a hot dog bun C) an increase in the price of a hot dog D) an increase in the price of a hamburger