Compared to their percentage shares in 1968, over the next 40 years, the percentage shares of each of the lowest four quintiles
A. rose substantially.
B. rose somewhat.
C. stayed about the same.
D. declined.
D. declined.
You might also like to view...
The above figure shows the market for pizza. Which figure shows the effect of a decrease in the price of a hamburger, which for consumers is a substitute for pizza?
A) Figure A B) Figure B C) Figure D D) Figures B and C
The price index for the current year is 180 . This means that, on average, prices in the current year are:
a. 80 percent of prices in the base year. b. $1.80 higher than prices in the base year. c. 180 percent higher than prices in the base year. d. $0.80 higher than prices in the base year. e. 80 percent higher than prices in the base year.
Suppose the price of a bag of frozen chicken nuggets decreases from $6.50 to $5.75 and, as a result, the quantity of bags demanded increases from 600 to 800 . Using the midpoint method, the price elasticity of demand for frozen chicken nuggets in the given price range is
a. 0.35. b. 0.43. c. 2.33. d. 2.89.
If a firm can raise market price by reducing its output, then
A. It is a price taker. B. It has no market power. C. It engages in marginal cost pricing. D. It faces a downward-sloping demand curve.