The elasticity of demand for a luxury car is:
a. highly elastic
b. highly inelastic.
c. equal to zero.
d. infinitely elastic.
a
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The CPI basket contains 400 oranges and 800 pens. In the base year, the price of an orange is $1.00 and the price of a pen is $0.75. This year, urban consumers each buy 300 oranges at $2.00 each and 850 pens at $1.00 each
The CPI this year is ________. A) 1.60 B) 62.5 C) 160 D) 140
The economy usually operates at point ________?
The less the bend (or arc), or more linear the utility function is, the ________ risk averse the person is.
Fill in the blank(s) with the appropriate word(s).
In the case of global pollution, the Nash equilibrium shows that if one nation does not regulate its pollution, other nations:
a. will have to regulate even more strictly. b. will not regulate either because of international price competition. c. will regulate but will bring charges in the WTO against the other . d. will regulate, so they will not harm their own citizens.