ia perce nee in price causes at this product? a. It has no close substitute. b.

Question

ia perce nee in price causes at this product? a. It has no close substitute. b. It might be part of a broadly defined market. c. It might be in a short time horizon d. It might be a luxury what might be true a bout 12. If there is trade, which of the following is most likely? a. A country will experience a lower unemployment ra b. A country will produce a greater variety of goods trade. untri A country is worse off because it becomes dependen d. c. A country will consume outside its production possi er, 13. If consumers demand more genetically engineered foor appen to the marginal revenue product of engineers? a. It will rise. b. It will remain unchanged. d. It will is or fl, ether s osible. 14. What is the relationship betweern economic profit = acre h accounting prof a.

Explanation / Answer

11. D. It might be a luxury. The price elasticity of demand is = Change in quantity demanded/Change in price of the good = 30/15=2. Luxury goods have a price elasticity that is greater than 1. A change in price brings about a greater change in quantity demanded.

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