Joan's income has just risen from $940 per week to $1,060 per week. As a result, she decides to purchase 12 percent more lettuce per week. The income elasticity of Joan's demand for lettuce is
A) 0.75.
B) 0.90.
C) 1.00.
D) 1.33.
C
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In the United States, barriers to entry in professional team sports (for example, football and baseball) result from
A) the draft of college players, which grants teams exclusive signing rights to individual players. B) long-term leases teams sign for stadiums and ballparks in major cities. C) the reserve clause, which is a provision in contracts of professional athletes that require them to play for specific teams over the length of their contracts. D) television contracts, which give networks the exclusive rights to broadcast games.
Independent, non-monopoly firms have an incentive advantage over monopolies in new-product innovation
Indicate whether the statement is true or false
Pure capitalism and a pure command system represent
a. two different ways of answering the basic economic questions b. two names describing the same method of answering the basic economic questions c. the only two ways of answering the basic economic questions d. the most efficient ways to answer the basic economic questions e. none of the above
David has decided not to purchase another can of Stosh because his friends laughed at him the last time he purchased some. Stosh is no longer a popular item. David's decision is known as
A. positive market feedback. B. negative market feedback. C. price-leadership. D. negative-sum game.