The US government sets the poverty line equal to approximately
a. three times the cost of providing subsidized housing.
b. three times the cost of providing an adequate diet.
c. the minimum wage for a single person working 40 hours per week and 50 weeks per year.
d. the cost of providing food, shelter, and health care expenses for a family of four.
b
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Michael consumes only steak and lobster. Suppose that the price of steak rises. After Michael is back at equilibrium, compared to the situation when steak was cheaper, the marginal utility from the last steak will
A) have increased. B) not have changed. C) have decreased. D) not be comparable with the marginal utility before the price hike.
The value of the absolute price elasticity of demand for good X is 3. The absolute price elasticity for good Y is 2. Which good's quantity demanded is less responsive to a change in price?
A) Good X B) Good Y C) They are equally responsive. D) Not enough information is given.