Of the following, which is the best example of good with a perfectly inelastic demand?
A) the demand for tickets in New York City when the Mets or Yankees are in the World Series
B) the demand for gasoline
C) a diabetic's demand for insulin
D) the demand for a college education by a student who has a full scholarship to an Ivy League school
Answer: C
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In the United States, between 1961 and 2011, there has been
i. a consistent , non-changing growth rate of potential GDP per person. ii. an increase in the standard of living based on real GDP per person. iii. fluctuations in real GDP per person around potential GDP per person. A) ii only B) i, ii and iii C) i and ii only D) ii and iii E) i only
A situation where a union bargains with a monopsony employer is termed a
A) bilateral monopsony. B) bilateral monopoly. C) bilateral agreement. D) unilateral agreement.