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For a particular good, a ten percent increase in price causes a three percent decrease in quantity demanded. Which of the following statements is most probable applicable to this good?
1. The good is a luxury.
2. The relevant time horizon is short.
3. The market for the good is narrowly defined.
4. There are many close substitutes for this good.
If the price of the imported TV sets was $300.00 in the US.At the beginning of the year, how much would you expect the price of the same imported TV to be in the US at the end of the year.
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Mr. and Mrs. Ward typically vote oppositely in elections and so their votes "cancel each other out." They each gain two units of utility from a vote for their positions (and lose two units of utility from a vote against their positions). However, ..
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What distinguishes Buddhist economics from modern economics in its approach to material wealth? To natural resources? With which approach are you more sympathetic and why?
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