Hot dogs and hot dog buns would be expected to have:
A) positive income elasticities of demand with respect to each other.
B) negative income elasticities of demand with respect to each other.
C) a positive cross-price elasticity of demand.
D) a negative cross-price elasticity of demand.
D
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In the market for DVDs, 500,000 DVDs a month are available. The value people place on the 500,000th DVD a month is less than the marginal social cost of producing it. Resource use ________
A) is efficient B) is inefficient C) would be more efficient if people firms would produce more DVDs D) would be more efficient if people would buy more DVDs
In monopolistic competition, in the long run firms have
A) a capacity shortage. B) excess capacity. C) an economic profit. D) an economic loss.
Of the five broad categories of human rights suggested by Charles Beitz, which is unusual in that it names the right to self-determination, language choice, and cultural expression?
a. economic and social rights b. community rights c. personal rights d. political rights
Violations of the law of demand are assumed to occur
a. regularly. b. only when goods are Giffen goods. c. only when the substitution effect dominates the income effect. d. All of the above are correct.