________ , the higher the price elasticity of demand
a. The lower the availability of substitutes
b. The greater the importance of the product in the consumer's budget
c. The lesser the time period the consumer has to respond to a price change
d. The greater the ability of the product to signify prestige
b
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According to this Application, for approximately 12 million homeowners in 2012, the amount owed on mortgages was higher than the actual value of the homes. Homeowners who find themselves in this situation are said to be
A) "financially grounded." B) "subprime borrowers." C) "underwater." D) "shadow mortgage holders."
Social Security wealth is the future value of the Social Security system.
A. True B. False C. Uncertain
A merger between firms that are in the same industry is called a
A) conglomerate merger. B) horizontal merger. C) vertical merger. D) none of the above.
In 1990, there were 50 bilateral agreements and regional trade agreements between countries. Today there are
A) more than 230 of these agreements. B) 30 of these agreements. C) none of these agreements remaining. D) more than 10,000 of these agreements.