In general, the more of an individual's total budget that is spent on a given product, the
a. greater the supply-side response
b. less elastic is the demand for that good
c. more elastic is the demand for that good
d. more the demand curve will shift when the price changes
e. less the demand curve will shift when the price changes
C
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In the product markets, households
A) are neither buyers nor sellers in the market. B) are the buyers of goods and services. C) are the sellers of resources. D) none of the above is correct.
Refer to the figure below. When P = 4, the price elasticity of demand for the demand curve D1 is ________ and D2 is ________. 
A. 1/3; 2/3 B. 2/3; 1/3 C. 3; 3 D. 1/3; 3
(Last Word) "Nudges" refer to:
A. subtle changes in policies or practices that result in large behavioral changes. B. legal changes made without much publicity that require significant changes in behavior. C. coercion by governmental authorities. D. changes in endowments that significantly alter behavior.
If the price of output decreases, the labor ________ curve shifts to the ________.
A. demand; left B. demand; right C. supply; left D. supply; right