There are very few, if any, good substitutes for automotive tires. Therefore, the demand for automotive tires would tend to be
a. elastic.
b. unit elastic.
c. inelastic.
d. highly responsive to changes in income as well as changes in prices.
c
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What will be an ideal response?
A regression analysis with ________ explanatory variables is called a ________
A) two or less; limited regression B) exactly two; binomial least squares regression C) one; dependent regression D) two or more; multivariate regression
The demand curve represents the relationship between:
A. price and quantity demanded with everything else held constant. B. income and quantity demanded with everything else held constant. C. consumer preferences and quantity demanded with everything else held constant. D. income and price demanded with everything else held constant.
The term underground economy refers to
a. the coal-mining industry b. all ore mining c. the subway system d. purely illegal activity e. market activity not reported to the government