A bank increased its fees for processing personal checks from 18 cents to 24 cents per check. In a statement accompanying the announcement, the bank said that some customers who reduce the number of checks they write would see no change in their overall account fee. What is the implication of this statement for these customers?
a. The price elasticity of demand for check writing is less than one.
b. The price elasticity of demand for check writing is greater than one.
c. They are indifferent to the check writing fee.
d. They have a unit-elastic demand for check writing.
Ans: d. They have a unit-elastic demand for check writing.
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Many economists argue that the most efficient way to control pollution is to
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