Which of the following is an example of a geographic monopoly?
a. a store in Childersburg that sells only shoelaces
b. the only gas station in a radius of one mile
c. a store in Sycamore that sells only scrap metal
d. the only restaurant in a radius of 200 miles
Ans: d. the only restaurant in a radius of 200 miles
Economics
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A movement along the demand curve might be caused by a change in a. income
b. the prices of substitutes or complements. c. expectations about future prices. d. the price of the good or service that is being demanded.
Economics
Since an individual spends a small share of her income on salt, the elasticity of demand is likely to be low
a. True b. False Indicate whether the statement is true or false
Economics