Item weight is the
A. Percentage of total expenditure spent on a particular product.
B. Measure of how much consumers demand a particular item.
C. Significance placed on a particular item by the wealthiest households.
D. Physical weight of a good or service.
Answer: A
You might also like to view...
All else held constant, if the government places a tax on each gallon of gasoline produced, then this would cause a
A. movement down along the current supply curve of gasoline. B. rightward shift in the current supply of gasoline. C. leftward shift in the current supply of gasoline. D. movement up along the current supply curve of gasoline.
True or false? The Edgeworth box version of inter-personal trade requires the individuals to be in close proximity of one another
A) True, that way they can see each other's endowments and prices. B) False, begin in close proximity is not required for mutually beneficial trade to occur in the Edgeworth box. C) True, the Edgeworth box only works when there folks see "eye-to-eye." D) False, although prices are only valid if they are communicated in person.
An increase in the marginal propensity to consume (MPC) will cause the consumption function to become steeper
a. True b. False Indicate whether the statement is true or false
Pappy's Popcorn Emporium operates in a perfectly competitive industry and hires you as an economic consultant. Pappy's is currently producing at a point where market price equals its marginal cost. Its total revenue exceeds both its total variable cost and its total cost. You advise Pappy's to
A. lower its price immediately in anticipation of new firms entering the industry. B. continue to produce in the short run to maximize its profit. C. raise its price so that it can increase its profit. D. cease production immediately because it is incurring a loss.