When Mary earned $3,200 per month, she bought 2 concert tickets each month. Now her monthly income is $5,600, and the number of concert tickets she purchases has risen to 3 per month
Mary's income elasticity of demand for concert tickets equals ________ and the tickets are a(n) ________ good for Mary. A) -1.36; normal
B) -0.21; inferior
C) +0.21; complementary
D) +0.73; normal
D
Economics
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When a firm charges $4.95 instead of $5.00, what do economists call this pricing strategy?
A) indirect pricing B) cost-plus pricing C) odd pricing D) unusual pricing
Economics
Mercantilists believed that national military power could be achieved best by _______
a. confiscating church lands and selling them to private businesses. b. freeing business from government regulation. c. having the government supply the infrastructure for the economy, while leaving private enterprise alone in other spheres. d. strictly regulating economic life.
Economics