The demand for markers is ________ than is the demand for Sharpies because ________.
A. more price elastic; the scope of the market is for markers is more broadly defined
B. less price elastic; markers require a smaller portion of one's income
C. less price elastic; the scope of the market for markers is more broadly defined
D. more price elastic; markers require a smaller portion of one's income
Answer: C
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Supply-side economics is the school of thought that advocates the use of
A) monetary policy to stimulate long-run aggregate supply. B) fiscal policy to stimulate long-run aggregate demand. C) monetary policy to stimulate short-run aggregate demand. D) fiscal policy to stimulate long-run aggregate supply.
The marginal value of a commodity to a consumer
a. increases as more of the good is consumed. b. is exactly equal to price for all units purchased by the consumer. c. is measured by the height of the individual consumer's demand curve. d. is equal to the area above the price and below the individual consumer's demand curve.