As the price of video games is raised from $20to $25, their quantity demanded fell from 1.5 million copies to 1 million copies. The price elasticity of demand for video games is:
a. -0.55
b. -1.8
c. -1.33
d. -2.08
b
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A pure monopoly will find that marginal revenue ________.
A. is less than price B. exceeds price C. is identical to price D. is sometimes greater and sometimes less than price
In general, one would expect that life expectancies reflect international differences in income levels. Do the data support such a claim?
A) Average life span falls as relative poverty falls. B) Average life span increases as relative poverty falls. C) There is no statistically significant relationship between the two. D) The relation is not very strong. E) The relationship looks more like a U-shape.
Which of the following would be an example of an intermediate good or service?
(a) A calculator purchased by a college student for taking exams. (b) Petrol purchased by an insurance agent's car to drive to visit clients at their homes. (c) A house purchased by a family with four children. (d) A car purchased by a student's parents and given to the student.
A binding situation occurred during the recession of
A. 1974-1975. B. 1980-1982. C. 1990-1991. D. 2008-2009.