Violations of the law of demand are assumed to occur
a. regularly.
b. only when goods are Giffen goods.
c. only when the substitution effect dominates the income effect.
d. All of the above are correct.
b
Economics
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If the price of Pepsi-Cola increases from 40 cents to 50 cents per bottle and the quantity demanded decreases from 100 bottles to 50 bottles, then according to the averaging equation, the value of price elasticity of demand for Pepsi-Cola is:
a. 0.5. b. 0.25. c. 1. d. 3. e. 2.
Economics
Corporations account for a ____ proportion of U.S. firms and a ____ proportion of sales by U.S. firms
a. small; small b. small; large c. large; small d. large; large
Economics