If the market for a product is broadly defined, then
A) the good has many complements.
B) there are few substitutes for the product and the demand for the product is relatively inelastic.
C) there are many substitutes for the product and the demand for the product is relatively elastic.
D) the expenditure on the good is likely to make up a large share of one's budget.
Answer: B
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Which of the following statements is true? a. With an increase in the demand for health care, the quantity supplied increases but supply does not change. b. With an increase in the demand for health care, the supply curve shifts to the right
c. With an increase in the demand for health care, the supply curve shifts to the left. d. With an increase in the demand for health care, the price of the product decreases. e. With an increase in the demand for health care, the quantity supplied decreases but the supply does not change.
Which of the following would definitely not be included in the measurement of GDP?
A) value of the services of a painter who paints your garage B) value of the services of a person who mows his or her own lawn C) value of the services of a maid who cleans your house D) value of the services of a plumber who fixes your kitchen sink