If a product is a necessity and has no substitutes at all, demand for the product is most likely to be:
A. very inelastic.
B. inelastic.
C. unit elastic.
D. elastic.
Answer: A
Economics
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Refer to the scenario above. Charles will receive a payoff of ________ if Beth trusts him and he defects
A) $50 B) $0 C) $20 D) $10
Economics
Classify each of the following goods on the basis of the characteristics of excludability and rivalry in consumption giving appropriate reasons: a) A lighthouse b) A pair of shoes c) A paid Web site d) A congested non-toll road
What will be an ideal response?
Economics