Which of the following products has the least elastic demand?
A. Raspberry Mocha Kona coffee blend at Starbuck's
B. Starbuck's coffee
C. coffee
D. all beverages
Answer: D
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If the income elasticity of demand for a Miami Dolphins season ticket is 2.34, then are Dolphins season tickets a normal or an inferior good?
What will be an ideal response?
The efficient quantity of a public good is provided when the economy's
A) total benefit from the good equals its total cost. B) total benefit from the good is less than its total cost. C) marginal social benefit from the good equals its marginal social cost. D) marginal social benefit from the good is greater than its marginal social cost.
"When the cost of producing a unit of a good falls because the firm uses specialized resources to produce a range of goods and services" is the definition of
A) economies of scope. B) economies of scale. C) economic efficiency. D) technological efficiency.
Which of the following are qualifications of the Coase Theorem?
a. technical transaction costs must remain low and be unaffected if liability assignment is reversed b. both parties must operate in a purely competitive market c. one party quickly makes an offer the other is just willing to accept only when the information regarding payoffs is complete, certain and known to both parties d. all of the above are correct e. only a and c