If the price of tickets to Disney World increases 10 percent, and as a result, attendance falls by 15 percent, the demand for the tickets is
a. elastic.
b. inelastic.
c. of unitary elasticity.
d. indeterminate.
A
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P-TV and QRS-TV are trying to decide whether to air a sitcom or a reality show in a given time slot. Viewers like both sitcoms and reality shows, but sitcoms are more expensive to produce than reality shows since real actors need to be hired. QRS-TV makes its decision first, and then P-TV observes that choice before making its decision. Both stations know all of the information in the decision tree below. 
In the equilibrium of this game:
A. both stations will air sitcoms. B. QRS-TV will air a reality show and P-TV will air a sitcom. C. both stations will air reality shows. D. QRS-TV will air a sitcom and P-TV will air a reality show.
Investment includes
A) the New York City Library's purchase of new books. B) Wal-Mart's purchase of health insurance for its workers. C) student purchases of laptops. D) GM's purchase of robotic machinery. E) wages paid to military personnel.
The economic model of consumer behavior predicts that
A) consumers divide their time between consumption and leisure activities in order to maximize social welfare. B) consumers will try to accumulate as many goods and services as they can before they die. C) consumers will choose to buy the combination of goods and services that make them as well off as possible from those combinations that their budgets allow them to buy. D) consumers will try to earn as much income as they can over their lifetimes.
Indifference curves that are thick violate
A) the assumption of transitivity. B) the assumption that more is better. C) the assumption of completeness. D) none of the assumptions.