______ is defined as the percentage change in the demand of one good (good A) divided by the percentage change in the price of another good (good B).
a. income elasticity of demand
b. price elasticity of supply
c. unit elasticity of demand
d. cross-price elasticity of demand
d. cross-price elasticity of demand
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If incomes were equal in an economy can you think of any other problems that might exist as a result of this equality?
What will be an ideal response?
Refer to the above table. You are given information on Jasmin's consumption for 2005 and 2015. Using 2005 as the base year compute the price index for 2015. The index equals
A) 0.75. B) 73.007. C) 87.50. D) 136.842.
An efficient economy:
a. uses available resources fully. b. uses the best division of labor. c. produces an output combination at some point along the production possibility curve. d. all of these.
The practice of selling a product to different customers at different prices when marginal cost is the same is known as: a. price discrimination. b. monopoly pricing
c. arbitrage. d. price segregation.