A risk lover enjoys the gamble and the thrill of taking the risk enough that it adds ___________ to their income to take the gamble
Fill in the blank(s) with the appropriate word(s).
Answer: utility
Economics
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If the percentage change in the quantity of teapots demanded is greater than the percentage change in the price of teapots, then
A) the price elasticity of demand for teapots is greater than 1 in absolute value. B) the demand for teapots is unit elastic. C) the price elasticity of demand for teapots is less than 1 in absolute value. D) the price elasticity of demand for teapots is equal to zero.
Economics
Turnover taxes are inefficient because _____
a. they are easy to avoid b. they violate the ability-to-pay principle c. they violate the benefit principle d. they tax the same good multiple times
Economics