Demand for clothing tends to be
a. elastic because there are few substitutes for clothing
b. inelastic because there are few substitutes for clothing
c. elastic because expenditures for clothing represent a large part of the consumer's budget
d. inelastic because expenditures for clothing represent a large part of the consumer's budget
e. elastic because it is a broadly defined good
B
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A payoff matrix summarizes all of the following except
A) who the players are. B) the reason each player is playing the game. C) the actions available to each player. D) the payoffs available to each player.
The above figure shows the market for anti-freeze. The government imposes the sales tax shown in the figure on sellers. The sales tax on anti-freeze decreases the quantity of anti-freeze that automobile owners purchase by
A) 0 gallons. B) 1000 gallons. C) 2000 gallons. D) 3000 gallons.