ECON 2030 : Exam 1 Questions
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Exam 1: if a 2 percent decrease in price results in a 1 percent decrease in the quantity supplied, we can conclude that supply is _____________. Price inelastic: suppose todd, a rational consumer, would be willing to pay someone else to cook him breakfast, but not . We can conclude with certainty that the benefit. Todd receives from having a cooked breakfast is _____________. Greater than or equal to but less than . The price of bagels, a substitute for bread in consumption, increased: suppose that in a small town in june the prices of a loaf of bread was . 50 and. In the same small town in july the price of a loaf of bread was . 99 and 1800 loaves were consumed. It can be concluded with certainty that the price of the shoulder bag was _____________.
