With multiple-peaked preferences,
A. a unique political equilibrium does not exist.
B. all individuals have a point that is most preferred.
C. the law of transitivity is violated.
D. all of these answer options are correct.
D. all of these answer options are correct.
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Suppose that the income elasticity of demand for peanut butter is 0.75. Which of the following is TRUE?
A) Peanut butter is a normal good, because income elasticity is positive. B) Peanut butter is an inferior good, because income elasticity is positive. C) Peanut butter is a normal good, because income elasticity is less than 1. D) Peanut butter is an inferior good, because income elasticity is less than 1.
An increase in the quantity demanded could be caused by:
a. an increase in the price of substitute goods b. a decrease in the price of complementary goods c. an increase in consumer income levels d. all of the above e. none of the above
The desire to hold money instead of other assets in anticipation of changes in economic conditions is the ________ motive.
Fill in the blank(s) with the appropriate word(s).
If price were increased from $25 to $26 and quantity demanded fell from 10 to 9, calculate elasticity; state whether demand is elastic, unit elastic, or inelastic; and find out how much total revenue was when price was $25 and $26.
What will be an ideal response?