The demand for markers is _______________________ than is the demand for Sharpies because ____________________.
A. less price elastic; markers require a smaller portion of one's income
B. more price elastic; markers require a smaller portion of one's income
C. less price elastic; the scope of the market for markers is more broadly defined
D. more price elastic; the scope of the market is for markers is more broadly defined
C. less price elastic; the scope of the market for markers is more broadly defined
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Shane holds wealth worth $10,000 . He considers investing it equally in two gambles one of which has a probability of 0.6 to yield a return of 10% and the other has a probability of 0.4 to yield a return of 20%. What will be Shane's total expected return from the two gambles?
a. $1,000 b. $700 c. $500 d. $900 e. $1,100
The price of medical care in the United States has:
A. remained relatively unchanged in recent years. B. risen slower than the overall price level. C. risen at the same pace as the overall price level. D. risen faster than the overall price level.