If the price of Snickers candy bars fall 10% and quantity demanded rises by 11%, demand is _________.
Fill in the blank(s) with the appropriate word(s).
slightly elastic or elastic
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The decision whether to work at any given wage is an application of the
A. scarcity principle. B. cost-benefit principle. C. principle of comparative advantage. D. principle of increasing opportunity cost.
An increase in the demand for music downloads indicates that more music downloads are
A. demanded because sellers are putting music downloads on sale. B. demanded because music download prices have decreased. C. demanded even if prices of music downloads stay the same. D. demanded because sellers are selling more music downloads.
What is the free-rider problem?
What will be an ideal response?
Every society faces some basic economic choices such as
a. what quantities of goods and services to produce. b. which resources to use. c. who gets to have what share of the output. d. All of these.