Of the following items, which has the most inelastic demand?
A) food
B) fruit
C) apples
D) Gala apples
A
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Price discrimination is prevented in situations where
A) customers can resell the good. B) firms have monopolies. C) there are legal barriers to entry. D) there are no close substitutes for the good or service. E) customers have different willingnesses to pay for the good.
If the demand for a product is perfectly inelastic, a decrease in the price of the product
A) will not change total revenue. B) will decrease total revenue. C) will increase total revenue. D) any of the above are possible.
Suppose today's CPI is 134.85, and suppose one must spend $580 today to purchase the same basket of goods and services that could be bought for $400 in 1989 . Then the CPI in 1989 was
a. 24.27. b. 60.68. c. 93.00. d. 195.53.
In general in the U.S., persons classified as poor have money income that amounts to
A. less than half the median income. B. three quarters of the median income. C. the median income. D. half the median income.