Which of the following is an example of a hidden characteristic?
A) After purchasing life insurance, Billy joins the bomb squad.
B) Only the owner knows about her car defects.
C) Bobby let his employer know about his college degree.
D) Sally provides her driving record to the car insurance company.
B
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As a result of the superb economics essay that you wrote during this quarter, you won the Adam Smith prize of $100. The receipt of these funds would be an example of
A) the substitution effect being stronger than the income effect. B) the income effect being stronger than the substitution effect. C) a pure income effect. D) a pure substitution effect.
If 400 apple pies are sold at $4 per pie, but 500 apple pies are sold at $3 per pie, we know from the total revenue rule: a. that the demand for pies is elastic over that price range
b. that the demand for pies is inelastic over that price range. c. that the demand for pies is unit elastic over that price range. d. nothing about the elasticity of demand.