Disposable income is not:
A. total income minus taxes.
B. what consumers base their buying decisions on.
C. the amount consumers have to spend on goods and services.
D. income before tax.
D. income before tax.
Economics
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If a 35 percent increase in price of golf balls led to an 42 percent decrease in quantity demanded, then the demand for golf balls is
A) relatively elastic. B) relatively inelastic. C) perfectly elastic. D) unit elastic.
Economics
If the price ceiling is set above the equilibrium price,
A. there will be a surplus. B. there will be a shortage. C. quantity demanded will equal quantity supplied. D. demand will be less than supply.
Economics