Which of the following goods is likely to have the most inelastic demand?
A. restaurant meals
B. air travel
C. movies
D. cigarettes
Answer: D
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Carefully define the following terms, and explain their importance in economics. a. Opportunity cost b. Abstraction c. Theory d. Model e. Marginal analysis
What will be an ideal response?
Which type of occupation earned the lowest average wage in 2016?
A) management B) legal C) business and finance D) sales E) food preparation and serving
If demand is price inelastic:
a) An decrease in price will raise revenue. b) An increase in price decreases revenue. c) An increase in price increases revenue. d) A decrease in price reduces sales.
School Board Voters' Ordered PreferencesDavidErnieFionaNew gymNew libraryNew computer labNew libraryNew computer labNew gymNew computer labNew gymNew libraryIf a pair-wise majority vote was held to determine which school project gets funded and the voters' preferences are in the given table, who will be happiest if the lab and library are voted on first?
A. David B. Ernie C. Fiona D. All people would be equally happy.