compare the price elasticity of demand for water with the price elasticity of de

ID: 1102037 • Letter: C

Question

compare the price elasticity of demand for water with the price elasticity of demand for wine

the price elasticity of demand for wine is likely

A relatively more inelastic because wine is luxury

B relatively more elastic because wine is a necessity

C relatively more elastic because wine is a luxury

D equal to the price elasticity of demand for water

E relatively more inelastic because wine is a neccessity

According to behavioral economics, consumers

A always behave rationally because they take into account monetary costs and nonmonetary opportunity costs

B do not always behave rationally because they take into account nonmonetary opportunity costs

C do not always behave rationally because they accurately project their future behavior

D do not always behave rationally because they are overly optimisitc about their future behavior

E always behave rationlly because they account for sunk costs

a sole proprietorship is

A. a legal form of business that provides the sole owner specific right under the Sarbanes-Oxley Act

B, a firm owned jointly by two or more persons and not organized as a corporation

C, a legal form of business that provides the owenrs with limited liability

D, a firm owned by a singal individual and not organized as a corporation

C. relatively more elastic because wine is a luxury

D. do not always behave rationally because they are overly optimisitc about their future behavior

D. a firm owned by a singal individual and not organized as a corporation

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