Its lunch time, you are hungry and would like to have some pizza. By the law of diminishing marginal value,
a. you would pay more for your first slice of pizza than your second
b. you would pay more for your second slice of pizza than your first
c. you would pay an equal amount of money for both the slices since they are identical
d. none of the above
a
Economics
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The concept of elasticity of supply measures the responsiveness of the
A) quantity supplied to a change in the price. B) price to a change in the quantity supplied. C) quantity supplied to a change in the quantity demanded. D) quantity demanded to a change in the quantity supplied.
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Who guarantees that prices in the foreign exchange market are identical all over the world?
a. Governments. b. Supranational organizations. c. Central banks. d. Tourists. e. Arbitrageurs.
Economics