Brand name products tend to have demand curves that are relatively more inelastic because
A) brand name products tend to have more substitutes.
B) brand name products tend to have fewer substitutes.
C) consumers are very sensitive to the prices of brand names.
D) brand names are not valued.
B
Economics
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One reason why, in the last four decades, the number of new auto makers in the world has been very small compared to the past is that
A) governments restrict who can produce automobiles. B) new auto makers cannot obtain necessary inputs to produce new cars. C) new producers cannot match the economies of scale of existing auto makers. D) the automobile cannot be improved upon in any way by new producers.
Economics
Using the above figure, which of the lines in the above diagram represents a proportional tax?
A) A B) B C) C D) none of them
Economics