A. income elastic
B. income inelastic
C. Price elastic
D. Price inelastic
Correct Answer: Price inelastic ✔
Last Updated: June 18, 2019
Related MCQs
- Satellite television subscription and television detection devices are ways in which broadcasting companies address the ________ problem?
- A good example of a public good is ?
- Market failure may arise because of ?
- If my neighbour burns garden waste causing my house to fill with smoke this is an example of ?
- A competitive equilibrium is Pareto-efficient because ?
- In the insurance industry, high-risk customers are more likely to take out insurance. This is an example of ?
- In Nash equilibrium each player chooses the best strategy ?
- When a market is contestable, incumbent firms must __________ to avoid the entry of new competitors?
- All of the following are types of imperfect competition except ?
- Tax shifting ?
- Which of the following is the government most likely to subsidies ?
- The government is considering placing a tax on cigarettes to raise revenue to finance health-care benefits. The demand for cigarettes is price inelastic Which of the following statements is True ?
- An example of an indirect tax is ?
- If a government were to fix a minimum wage for adult workers, economists would predict ?
- In a free market system rationing occurs when there are increases in ?
- Economics say that there has to be some from of rationing whenever ?
- If a maximum price is set below equilibrium there will be ?
- A public good ?
- Agricultural prices tend to be unstable because ?
- If the price in a market is fixed by the government above equilibrium ?
- A positive externality occurs when ?
- Income inequality can be high in the free market and should be reduced This is an example of What ?
- A decrease in demand for a products should ?
- A shift in demand will have more effect on price than quantity if ?
- The price mechanism does not act as a ?
- The price mechanism cannot ?
- A subsidy paid to producers ?
- If the price was fixed below the equilibrium price there would be ?
- An increase in income will ?
- An inferior good is one for which an increase in income causes a(n) ?
- Suppose consumer tastes shift toward the consumption of apples Which of the following statements is an accurate description of the impact of this event on the market for apples ?
- Which of the following statements is true about the impact of an increase in the price of lettuce ?
- Suppose there is an increase in both the supply and demand for personal computers. In the market for personal computers, we would expect?
- An increase (rightward shift) in the demand for a good will tend to cause ?
- If the price of good is below the equilibrium price ?
- All of the following shift the supply of watches to the right except ?
- A monopolistic market has ?
- The law of supply states that an increase in the price of a good ?
- If an increase in the price of blue jeans leads to an increase in the demand for tennis shoes, then blue jeans and tennis shoes are ?
- The problem posed by a natural monopoly is that it faces a ___ This means that _______?
- If two firms doing the same thing in the same industry join together, this is known as a ?
- The social costs of monopoly power arises because ?
- The effect of a tax to offset a negative externality will be to ____ price and ______ quantity?
- Taxes creates a wedge between the sales price and purchase price that prevents the price system equating ____ and ______?
- Except for taxes to offset ____ taxes are ______?
- If the consumption of good by one person does not reduce the quantity available by others and nobody can be easily excluded from consumption, we are referring to a ?
- Markets sometimes fail to exist because of________?
- Externalities arise because there is a divergence between _ and _________?
- The allocation of resources is not efficient if ?
- We cannot say whether one allocation of resources is better than another allocation because ?
- An allocation is Pareto-efficient if no reallocation of resources would make some people __ without making others ________?