The value of a good is
a. subjective.
b. objective or intrinsic.
c. determined by a government statistical agency.
d. determined by its cost of production.
a. subjective.
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Assume the demand function for good X can be written as Qd = 80 - 3Px - 6Py + 10I, where Px = the price of X, Py is the price of Y and I is consumer income
If the price of Y decreases by 5 dollars, what would the reduction in Px have to be in order to keep the quantity demanded of X unchanged by the change in the price of Y? A) decreased by 10 dollars B) decreased by 5 dollars C) decreased by 2.5 dollars D) decreased by 1 dollar
Government shares in the gains to risk-bearing activities but does not _____
a. share in the losses when depreciation is straight-line b. share in the losses when the investor has no other income c. share in the losses when depreciation is accelerated d. share in the losses when capital losses are allowed