Charles purchases 20 basketball tickets per year when his annual income is $50,000 and 25 basketball tickets when his annual income is $60,000 . Charles's income elasticity of demand for basketball ticket is
a. 0.82, and basketball tickets are a normal good.
b. 0.82, and basketball tickets are an inferior good.
c. 1.22, and basketball tickets are a normal good.
d. 1.22, and basketball tickets are an inferior good.
c
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Which of the following is NOT a potential reason for wage differences by race or sex?
A) discrimination B) differences in human capital C) differences in the degree of specialization D) All of the above are potential reasons for wage differences by race or sex.
When a supplier becomes more profitable
a. there is increased benefits from acquiring it b. the benefits from a stronger firm-to-firm relationship are increased c. the benefits from a stronger firm-to-firm relationship are decreased d. there is no additional reason to acquire it
When a rise in the price of one item results in a decrease in the demand for another good, then the two goods are
A. satisfying the law of supply. B. substitute goods. C. inferior goods. D. complementary goods.
Refer to the information provided in Figure 1.4 below to answer the question(s) that follow.
Figure 1.4Refer to Figure 1.4. Panel A shows a curve which has a slope that is
A. first negative, then zero, and then positive. B. first positive, then zero, and then negative. C. infinite throughout. D. zero throughout.