According to the U.S. Department of Commerce, all persons, unrelated or related, who occupy a housing unit comprise
a. a family unit.
b. a household.
c. an extended family unit.
d. group living.
b. a household.
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The total revenue test using the price elasticity of demand
A) explains why monopolies will only operate on the elastic portion of their demand curve. B) explains why monopolies will only operate on the inelastic portion of their demand curves. C) demonstrates why a monopoly can earn an economic profit in the long run. D) determines whether a monopoly can perfectly price discriminate or not. E) cannot be used for a price discriminating monopoly.
The Peltzman study suggests that minimum standards of quality
a. overall create a net benefit for consumers by protecting them from dangerous products. b. overall hurt consumers by limiting entry and raising prices. c. are beneficial to consumers only when they are strictly enforced. d. rarely have any significant effect on the market.