The cross-price elasticity of demand between telephones and ramen noodles is most likely:
A. positive.
B. negative.
C. zero.
D. greater than one.
Answer: C
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Payments to a factor of production in excess of the minimum payments necessary to call it into existence constitute
a. consumers' surplus b. rent c. a golden parachute d. an efficiency wage
The gap between real GDP per person in Africa and real GDP per person in the United States has been
A) increasing. B) decreasing. C) remaining fairly constant. D) there is no gap in real GDP per person between Africa and the United States.
Developing countries with low saving rates and poor levels of health and education are likely to experience
A) low rates of growth in real GDP per capita. B) easy access to financial backing from banks. C) rapid growth in household incomes. D) high levels of foreign direct investment.
If Adam's Rib Joint took in $35,000 in revenue last week and had out-of-pocket expenses of $31,500:
a. it is clear that Adam made an economic profit of $3,500 b. Adam really didn't make any economic profit since he needs to put the difference between revenue and out-of-pocket expenses back into the firm. c. Adam clearly did not earn an economic profit. d. it is not clear whether Adam earned any economic profit last week because it depends on the magnitude of the implicit costs.