People sometimes act differently in different settings. An economist is likely to explain this by saying
A) the benefits and costs of certain behaviors can be different in different settings.
B) people are hard to figure out.
C) people behave as others behave.
D) it is hard to figure out what makes people tick.
E) none of the above
A
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The figure above illustrates a linear demand curve. In the price range from $8 to $6, demand is ________ and in the price range $4 to $2, demand is ________
A) elastic; elastic B) elastic; inelastic C) inelastic; elastic D) inelastic; inelastic
Which of the following was an effect of the affordable housing law in the cities Palo Alto, Laguna Beach, and Irvine?
a. It imposed a per-unit tax on builders of mid-range houses. b. The law had a significant impact on the mid-range houses. c. It imposed a per-unit tax on builders of expensive new houses. d. The law had a significant impact on the supply of mid-range houses.