Consumers who clip and redeem discount coupons ________.
A. exhibit the same price elasticity of demand for a given product than consumers who do not clip and redeem coupons
B. exhibit a relatively higher price elasticity of demand for a given product than consumers who do not clip and redeem coupons
C. cause total revenue to decrease for firms that issue coupons for their products
D. exhibit a relatively lower price elasticity of demand for a given product than consumers who do not clip and redeem coupons
Answer: B
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In the above figure, in order to achieve efficiency, a tax of ________ per unit is needed
A) $3 B) $6 C) $0 D) $2
Suppose that there are two goods that a small island nation can produce – coconuts and breadfruit
If the inputs for both goods are perfectly interchangeable and there is never a rise or fall in opportunity cost explain what the production possibilities frontier should look like and why.