The demand for dolls is ________ than is the demand for Barbie dolls because ________.
A. more price elastic; the scope of the market for dolls is more broadly defined
B. less price elastic; Barbie dolls have more available substitutes
C. less price elastic; the scope of the market for dolls is more broadly defined
D. more price elastic; Barbie dolls have more available substitutes
Answer: C
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For lunch, Wendy eats either a salad or a fruit smoothie. Her weekly food budget is $48. Each salad costs $6 and each smoothie costs $3. When deciding how much of each good to buy, Wendy knows that 2 salads and 4 smoothies will give her a utility of 8. What is Wendy’s utility-maximizing point?
a. 1 salad, 14 smoothies b. 6 salads, 4 smoothies c. 5 salads, 6 smoothies d. 4 salads, 8 smoothies
It has been found that people die at a much higher rate in hospitals than in most other environments, leading some to conclude that hospitals cause death. What is the problem with this reasoning?
What will be an ideal response?
The largest single source of revenue for the federal government is the
a. corporate income tax. b. federal excise tax. c. personal income tax. d. Social Security tax.
In the short run, the profitability of monopolistic competition _______ that of perfect competition; in the long run the profitability of monopolistic competition _______ that of perfect competition.
Fill in the blank(s) with the appropriate word(s).