When people like yourself take extra (unbudgeted) money along on an extended trip, economists classify this money as satisfying your

The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. The smallest tariff necessary to completely eliminate imported rice is

A) $1 per unit. B) $25 per unit. C) $50 per unit. D) Not enough information.

If a small percentage increase in the price of a good results in a rather large percentage reduction in the quantity demanded of the good, demand is said to be

a. vertical. b. relatively inelastic. c. relatively elastic. d. robust.