Edie looked at two apartments that were virtually identical except the one near the subway station was $1,800 a month and the one 10 blocks away was $300 less. What explains the difference in price?
a. The convenience of the train caused higher demand.
b. The supply of apartments near the train was higher.
c. The distant neighborhood was more desirable.
d. Demand was higher in the less active neighborhood.
a. The convenience of the train caused higher demand.
Economics
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If beef and pork are substitutes for consumers, the cross elasticity of demand between the two products must be
A) negative. B) positive. C) indeterminate. D) elastic. E) greater than 1.
Economics
Very low income families may feel despair or pessimism about their future and feel they have little control over their lives. This perspective is called:
a. Spiraling b. Fatalism c. Random disorder d. Depression
Economics