The supply curve for tickets for a sporting event
A) is perfectly inelastic.
B) is vertical.
C) has a price elasticity of zero.
D) All of the above.
D
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Goods are distributed among people by means of
A. a central authority. B. prices. C. markets. D. All of these are correct.
________ is the difference between the willingness to pay and the price paid for a good
A) Producer surplus B) Consumer surplus C) Seller's profit D) Revenue
If a good is income inelastic what does this imply would happen to consumption of this good if you were to win the lottery?
What will be an ideal response?
If Gary has budget constraint A, and the price of milk is $3 a gallon, what is Gary's income?
This graph shows three different budget constraints: A, B, and C.
A. $9
B. $27
C. $12
D. Cannot answer this without knowing the price of soda.