Refer to the above table. Suppose the price of a movie is $5 and the income of the consumer is $29. What are the quantities demanded of hamburger at prices of $2 and $1 respectively?
A. 0; 1
B. 1; 2
C. 3; 5
D. 2; 4
Answer: D
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Fred lost his factory job, replaced by welding robots. He is now going to technical school to learn computer repair because he cannot find a similar job to the one he lost. Fred is: a. Frictionally unemployed. b. Structurally unemployed. c. Cyclically unemployed
d. Not unemployed.
The median-voter theorem explains why
a. politicians take extreme stands on issues. b. voters are attracted to political outsiders. c. two opposing politicians tend to take opposite sides of each issues. d. politicians tend to take middle-of-the-road positions.
If the absolute price elasticity of demand for a product is less than 1, then
A) consumers are relatively sensitive to price changes. B) consumers are relatively insensitive to price changes. C) there is a positive relationship between price changes and the quality of the product. D) producers are relatively insensitive to price changes.
In the short run, a perfectly competitive firm can earn: a. positive economic profits. b. zero economic profits
c. negative economic profits. d. any of the above.