Consider the above figure. At income level Yd = $30, the APC is equal to
A) 0.05. B) 1.05. C) 1.25. D) 1.67.
D
Economics
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If tolls on a toll road can be raised significantly before commuters will consider using a free alternative, then an increase in tolls will result in
A) a decrease in total revenue. B) a decrease in non-toll road usage. C) an increase in total revenue. D) an increase in toll road usage.
Economics
The cross-price elasticity of demand for peanut butter and jelly is likely:
A. a positive number. B. a very high positive number. C. a negative number. D. less than one.
Economics