Which of the following is likely to have the most price inelastic demand?
a. white chocolate chip with macadamia nut cookies
b. hardback novels
c. salt
d. box seats at a major league baseball game
c
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The emigration of some of Whoville’s workers reduces the quantity of thingamabobs supplied at every price by 50. The new supply curve will ____ the old supply curve.
A. be steeper and less elastic at every price than B. have the same slope and the same elasticity at every price as C. have the same slope and be more elastic at every price than D. More information is needed to predict the relationship between the elasticities of the two supply curves.
Refer to Table 4-14. The equations above describe the demand and supply for Pauline's Pickled Pomegranates. What are the equilibrium price and quantity (in thousands) for Pauline's Pickled Pomegranates?
A) $15 and 45 thousand B) $30 and 15 thousand C) $60 and 20 thousand D) $20 and 10 thousand
If the U.S. demand for German goods increases, then
A. the U.S. current account deficit with Germany will improve. B. Germany will experience currency devaluation. C. the euro will appreciate in value against the U.S. dollar. D. the euro will depreciate in value against the U.S. dollar.
Special districts are often set up among small governments to deal with _____
a. externalities internalized within a governments borders b. externalities that spill across borders c. free-riding problems concerning public goods d. unhealthy competition among local governments