Which of the following graphical representations can be used most appropriately to show the distribution of a household's income, in terms of percentages, among the various categories of expenses?

Suppose inter-city bus travel is a substitute for transportation by train. Which of the following could then be TRUE?

A) The cross elasticity between bus and train travel could equal 0.65. B) The cross elasticity between bus and train travel could equal 1.0. C) The cross elasticity between bus and train travel could equal 1.25. D) All of the above could be true.

A monopolist has less to gain from cost-saving measures in the production process when

a. the monopoly is unregulated. b. regulators use average cost pricing to set the monopolist's price. c. the demand for the product of the monopolist is inelastic. d. changes in the regulated price occur only after considerable delay.