The price elasticity of demand will be larger in absolute value if
a. expenditure on the good represents a smaller proportion of the consumer's total expenditure
b. we define the good more broadly
c. we define the good more narrowly
d. the number of substitutes is smaller
e. the number of consumers is larger
C
Economics
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Large commercial banks are considered to be market makers because:
A) without them, there would be no foreign exchange market B) they can easily manipulate the value of currencies in the foreign exchange market C) they are willing to buy and sell major currencies at any time D) they created the foreign exchange market
Economics
Nash equilibria:
a. always exist in pure strategies. b. generally come in even numbers. c. always exist in finite games. d. all of the above.
Economics