Do all valuable items have price tags?
A. No, because some valuable items have no opportunity cost.
B. Yes, because everything has its price.
C. Yes, because price is the measure of opportunity cost.
D. No, some have no explicit price on them.
E. Yes, because only items that can be sold in markets have value.
Answer: D
Economics
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Economists maintain that the price of a product has no effect on demand. How can this be true?
Economics
Price elasticity of demand basically measures
A) the reliability of a product. B) the responsiveness of consumers to price changes. C) the variability of price changes. D) the percentage change in market price as a result of a change in demand.
Economics