The price elasticity of demand for a good measures the willingness of
a. consumers to buy less of the good as price rises.
b. consumers to avoid monopolistic markets in favor of competitive markets.
c. firms to produce more of a good as price rises.
d. firms to respond to the tastes of consumers.
a
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In recent years, the fertility rate in developing countries has been
(a) declining. (b) holding steady. (c) increasing. (d) showing no particular pattern.
How does government's power to coerce behavior tend to reduce private-sector risk?
A. By enforcing contracts and discouraging illegal behavior that threatens private property. B. By guaranteeing that the government will financially cover any losses by private-sector firms. C. By strictly regulating the allocation of most property resources in the economy. D. The coercive power of government only increases private-sector risk.