Which of the following is considered to be a cost of information?
a. The price of the commodity for which information is collected.
b. The time spent to collect the information.
c. The difference in price charged by different sellers for the same commodity.
d. The difference in price paid by different buyers for the same commodity.
B
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A change in input prices has no impact on the budget line
a. True b. False Indicate whether the statement is true or false
An early frost in the vineyards of Napa Valley would cause a(n)
a. increase in the demand for wine, increasing price. b. increase in the supply of wine, decreasing price. c. decrease in the demand for wine, decreasing price. d. decrease in the supply of wine, increasing price.
Which of the following events could cause an increase in the supply of ceiling fans?
a. The number of sellers of ceiling fans increases. b. There is an increase in the price of air conditioners, and consumers regard air conditioners and ceiling fans as substitutes. c. There is an increase in the price of the motor that powers ceiling fans. d. All of the above are correct.
Suppose that the elasticity of demand for hamburgers is 2.5 and price decreases by 14%. By what percentage will quantity demanded for hamburgers increase?
A. 2.5% B. 5.6% C. 25% D. 35%