The demand for Dell laptops is more price elastic than the demand for laptops as a whole. This can be best explained by the fact that
a. There are fewer substitutes for Dell laptops than for laptops as whole
b. There are more substitutes for Dell laptops than for laptops as whole
c. Dell laptops are luxurious goods
d. Dell laptops are a necessity
b
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In a market economy, the decision regarding allocation of resources is made by
A. the operation of the forces of supply and demand. B. policy authorities in Washington, D.C. C. budget planners in state capitals. D. committees from a variety of economic interest groups. E. All of the responses are correct.
The Coase theorem is significant because it
A. implies that no transaction costs are associated with solving externalities. B. shows that property rights can be assigned. C. shows that under certain conditions externalities can be corrected in the market without resorting to nonmarket means. D. a and b
If the dollar price of the yen is 1.39, the reciprocal exchange rate is 1 yen = $0.39
a. True b. False Indicate whether the statement is true or false
If, at the current price, there is a shortage of a good, then a. sellers are producing more than buyers wish to buy. b. the market must be in equilibrium
c. the price is below the equilibrium price. d. quantity demanded equals quantity supplied.