Empirical estimates of the price elasticity of demand [in Table 3.4] suggest that the demand for household consumption of alcoholic beverages is:
a. highly price elastic
b. price inelastic
c. unitarily elastic
d. an inferior good
e. none of the above
b
Economics
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When a perfectly competitive industry is taken over by a monopoly, some consumer surplus is transferred to the monopolist in the form of
A) marginal cost. B) economic profit. C) deadweight loss. D) taxes. E) average variable cost.
Economics
Explain: "The law of increasing additional cost is an inevitable phenomenon in economics."
What will be an ideal response?
Economics
A monthly budget can help you achieve financial security by
What will be an ideal response?
Economics
Which of the following is not an obstacle to development?
A. Overpopulation B. Excessive investment C. Political instability D. Corruption
Economics