The demand for real estate derives from the need that market participants (e.g., owner occupants, tenants, renters) have for shelter and convenient access to other locations. This competition for physical location and space occurs in the:

According to the Application, one factor which was responsible for roughly one-third of hybrid vehicles purchased in 2007 was an increase in the price of gasoline

The increase in sales due to higher gasoline prices describes the economic concept of A) marginal thinking. B) rational self interest. C) using assumptions to simplify. D) ceteris paribus.

When considering changes in tax policy, economists usually focus on

A) people's ability to pay taxes. B) the marginal tax rate. C) the average tax rate. D) people's willingness to pay taxes.