Home / Questions / Based on empirical evidence, the "farm problem" that has confronted U.S. policymakers for
Based on empirical evidence, the "farm problem" that has confronted U.S. policymakers for many years is attributable, in large part, to the relatively inelastic demand for many agricultural products.
94) While the demand for beer is relatively price inelastic, the price elasticity of demand for a particular brand is relatively high, due in large part to availability of close substitutes.
95) The price elasticity of demand for pleasure travel (-1.9) and business travel (-0.8) suggests that air travel for pleasure is a luxury and air travel for business is a necessity.
96) The results of studies of the tobacco industry suggests that college and secondary school students who smoke are much more likely to respond to a change in price than adults who smoke.
97) The available data strongly suggest that, as the "needs" argument would suggest, the demand for health care is virtually perfectly inelastic.
98) The income elasticity of demand for health care is generally less than 1, indicating consumers consider these services to be luxuries.
99) Studies strongly suggest that advertising strategies are generally much more effective than pricing strategies as a means to increase market share.
100) When a consumer moves from a lower to a higher indifference curve, the marginal rate of substitution automatically increases.
101) Assume a consumer purchases two goods: X and Y. All else constant, an increase in the price of X would cause the total utility the consumer can obtain with her available income to decrease.
102) A consumer is in equilibrium, that is, a consumer is maximizing her utility when marginal utility and price are equal for each of the goods the consumer purchases.
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