An English auction ends when ________
A) no bidder is willing to bid any higher
B) a bidder accepts the price announced by the auctioneer
C) a bidder bids above the market price of the good
D) a bidder bids below the starting bid
A
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Two cities face identical prices for their housing. City A decided to be a pollution free city "Clean town" and all the factories would locate in city B "Smogville", in equilibrium, we expect to see
a. a compensating differential between the prices of housing between the two cities b. the prices of housing in both the cities to be identical c. The prices of housing in B to be higher d. All of the above
Because households have limited incomes, they must
a. rarely take vacations b. live below the poverty line c. allocate their spending carefully d. gamble in casinos frequently e. save for the future
If this is a closed economy, how many bushels of corn will be produced?
A. 600 million bushels B. 900 million bushels C. 300 million bushels D. 150 million bushels
Answer the following statement(s) true (T) or false (F)
1. The extent to which a change in price affects quantity demanded may vary considerably from product to product and over the various price ranges for the same product. 2. A demand curve, or a portion of a demand curve, can be elastic, inelastic, or supply elastic. 3. A good is elastic if the percentage change in quantity demanded is greater than the percentage change in price. 4. A good is inelastic if quantity demanded changes proportionally less than the price changes 5. The steeper the demand curve passing through a given point, the more elastic the demand.