Because of discrimination, which of the following have systematically earned less than others of equal ability?
a. only African-Americans
b. only Hispanics
c. only African-Americans and Hispanics
d. African-Americans, Hispanics, and women
e. only Hispanics and women
D
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Let P be the price of a good and let I represent consumer income. Which of the following demand functions represents a luxury good with inelastic price response?
A) log(Q) = 4 – 2 log(P) + 2 log(I) B) log(Q) = 4 - 0.5 log(P) + 0.25 log(I) C) log(Q) = 4 - 0.25 log(P) + 2 log(I) D) log(Q) = 4 + 2 log(P) + 0.2 log(I)
Which of the following changes would tend to both decrease the quantity of a good traded and increase the price?
a. An increase in demand. b. A decrease in demand. c. An increase in supply. d. A decrease in supply.
If prices falls, what happens to the demand for a product?
What will be an ideal response?
What are the similarities between perfect competition and monopolistic competition?
What will be an ideal response?