If Camila's income rises by 20 percent, and, as a result, she purchases 40 percent more dresses, her income elasticity for dresses is
a. 0.5.
b. 1.0.
c. 2.0.
d. Not enough information is given to answer this question.
C
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The United States Postal Service (USPS) is the only organization allowed to deliver first-class mail in the United States. The market structure that best fits the USPS is probably
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
If there are 1,000 identical rice farmers who are each willing to supply 200 bushels of rice at $2 per bushel, what price and quantity combination is a point on the market supply curve for rice?
A) $2 and 200 bushels B) $2 and 200,000 bushels C) $2,000 and 200,000 bushels D) $2,000 and 1,000 bushels E) $2 and 1,000 farmers
Which of the following statements concerning the circular flow model is (are) correct?
a. an increase in planned savings always generates an increase in planned investment spending. b. planned investment spending is an injection into the circular flow. c. increased investment always results in decreased savings. d. All of these are correct.
George Washington's troops at Valley Forge were almost destroyed by price controls
a. True b. False Indicate whether the statement is true or false