Most markets in the economy are highly competitive
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Table 9-4. Use the table above to select the statement that accurately interprets the data in the table
A) Bill has an absolute advantage in picking berries and catching fish. B) Rob has an absolute advantage in picking berries and catching fish. C) Bill has an absolute advantage in picking berries and Rob has an absolute advantage in catching fish. D) Rob has an absolute advantage in picking berries and Bill has an absolute advantage in catching fish.
The income elasticity of demand for shoes is estimated to be 1.50 . We can conclude that shoes:
a. have a relatively steep demand curve. b. have a relatively flat demand curve c. are a normal good. d. are an inferior good.