You are more sensitive to a change in price if you
A) spend a lot of your income on the good.
B) spend a small percentage of your income on the good.
C) buy very little of the good.
D) do not buy the good regularly.
E) have a very inelastic demand for the good.
A
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If Big Fitness, a large workout facility, offers a discounted membership to college students, this is an example of ________.
A) zero-degree price discrimination B) first-degree price discrimination C) second-degree price discrimination D) third-degree price discrimination
Which of the following will be included in the current year's gross domestic product (GDP)?
a. The sale price of equipment produced last year but sold this year b. The money spent by Kate on the purchase of new furniture c. The money spent by Barney on the purchase of his uncle's house d. The sale price of the stock purchased by John e. The opportunity cost of the time spent by Bruno cooking lunch for his neighbor
What is 25 percent of 200?
A. 25 B. 8 C. 100 D. 50
Use the figure below to answer the following question.
What area represents consumer surplus after the government imposes the excise tax on the market?
A. square $13ac$9 B. triangle $21a$13 C. triangle abc D. triangle $1c$9