If the consumption function is defined as C = 5,500 + 0.9Y, what is the marginal propensity to consume?

A person's sensitivity to a price change for a good, such as breakfast cereal, depends on all of the following except the

a. price of the good b. cost of producing the good c. person's income d. availability and closeness of substitutes e. time the person has to adjust to the price change

Scalping activity arises when

A) the prices of goods are allowed to adjust to their equilibrium levels. B) the quantities of goods demanded and supplied are allowed to adjust to their equilibrium levels. C) the prices of goods are restricted to levels above equilibrium prices. D) the prices of goods are restricted to levels below equilibrium prices.