The income elasticity of demand for restaurant meals is 1.61. So,
A.restaurant meals are an income elastic normal good.
B.Both answers B and C are correct.
C.if income increases by 16.1 percent, the quantity demanded of restaurant meals will increase by 10 percent.
D.if income increases by 10 percent, the quantity demanded of restaurant meals will increase by 16.1 percent.
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Marginal cost is the
A.None of the above answers is correct.
B.extra benefit that people receive from producing one more unit of a good or service.
C.maximum amount consumers are willing to pay for one more unit of a good or service.
D.opportunity cost of producing one more unit of a good or service.
In goods markets ( ) and in factor markets ( ).
A.firms sell to households; households sell to firms
B.households sell to firms; firms sell to households
C.firms sell to households; firms sell to households
D.households sell to firms; households sell to firms
When allocating resources using market price,
A.everyone who is able to pay for a good gets one.
B.everyone who wants a good gets one.
C.everyone who is willing and able to pay for a good gets one.
D.everyone who is willing to pay for a good gets one.
In every economic system, choices must be made because resources are ( ) and our wants are ( ).
A.unlimited; unlimited
B.limited; limited
C.limited; unlimited
D.unlimited; limited
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