Suppose two goods are perfect substitutes. The price elasticity of demand of one of the goods is
A. 1.
B. 0.
C. infinity.
D. 10.
Answer: C
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Refer to Scenario 13.1. If Dean gets to set the agenda, he will pit ________ in the first round to assure that ________ wins the first round vote
A) calamari and jalapeno poppers; jalapeno poppers B) calamari and potato skins; potato skins C) potato skins and calamari; calamari D) jalapeno poppers and potato skins; jalapeno poppers
Deadweight loss is the net loss of:
a. consumer surplus. b. producer surplus. c. disequilibrium surplus. d. both a and b.
Table 35.1CountryTons of SoybeansComputerChina100300United States150750Based on the information in Table 35.1, assume China and the United States have the same amount of resources with which to produce soybeans and computers and they produce no other goods. The opportunity cost of producing 1 computer in China is
A. 1/3 of a ton of soybeans. B. 3 tons of soybeans. C. 4 tons of soybeans. D. 1/4 of a ton of soybeans.
How do doctors add to rising health care costs?
What will be an ideal response?