A decrease in the supply of sugar increases the price of sugar from $1.00 a packet to $1.25 a packet. The quantity decreases from 100 packets a day to 80 packets a day. The price elasticity of demand of sugar is ________

Microeconomics is the study of

A) aggregate measures of the economy. B) foreign policy economic issues. C) federal budget details. D) individual decision making.

Answer the following statement(s) true (T) or false (F)

1. A non-congested toll road is an example of a good that is excludable, but not rivalrous in consumption. 2. Public goods can frequently be provided by private action when the resulting benefits are widespread. 3. All economists agree that a public good is one the is nonrivalrous and nonexcludable. 4. When a public goods increases the desirability of living in a certain area, benefits tend to be captured entirely by an increase in land values. 5. In a Clarke tax scheme, the amount of tax that a person pays depends, in part, on his revealed preference for the public good.