Which of the following pairs is the most likely to exhibit an inverse relationship?
a. The amount of time you study and your grade point average.
b. People's annual income and their expenditure on personal computers.
c. Baseball players' salaries and their batting averages.
d. The price of a concert and the number of tickets people purchase.
d
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If the market demand for oranges is relatively inelastic with respect to price, orange consumers
A) pay no attention to price in their purchasing decisions. B) will buy fewer oranges at any higher price and will spend less money on oranges. C) will buy fewer oranges at any higher price but will spend more money on oranges. D) will buy more oranges at any higher price. E) will buy more oranges only if their incomes increase.
A goal of equality of income can be justified based on the utilitarian idea that _____
a. individuals face diminishing marginal utility of income b. social welfare functions are convex to the origin c. rich people have more than they every could need d. redistribution does not lead to an increased excess burden of taxation