BlueLake, Inc pays a $100,000 a month to use land for a resort. This is an example of a(n) ______.

If there are only two goods and these are consumed in fixed proportions, the price elasticities of demand for these two goods will sum to:

a. 0.0. b. -0.5. c. -1.0. d. a number between 0 and -1.

A drought in California destroys many red grapes. As a result of the drought, the consumer surplus in the market for red grapes

a. increases, and the consumer surplus in the market for red wine increases. b. increases, and the consumer surplus in the market for red wine decreases. c. decreases, and the consumer surplus in the market for red wine increases. d. decreases, and the consumer surplus in the market for red wine decreases.