Factors affecting the price elasticity of demand include all of these EXCEPT:
a. percentage of the consumer's budget
b. the availability and closeness of substitutes
c. positioning as income inferior
d. time period of adjustment
e. all of the above affect the price elasticity of demand
c
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The above figure shows the market for finish carpenters in Bozeman. If there is a minimum wage set at $18, then there will be
A) unemployment of 200 workers. B) a surplus of 200 workers. C) unemployment of 400 workers. D) a surplus of 400 workers. E) no unemployment of workers and no surplus of workers.
When the economy is disturbed by a change in the output market
A) a fixed exchange rate has an advantage over a flexible rate. B) a floating exchange rate has an advantage over a fixed rate. C) a crawling peg exchange rate has an advantage over a flexible rate. D) a floating exchange rate has the same effect as fixed rate. E) a flexible exchange rate is not as effective as a fixed exchange rate.