$\text { Insert } < \text { or } > \text { to write a true statement. }$

question 5

Multiple Choice

$\text { Insert } < \text { or } > \text { to write a true statement. }$
-- 20_61

• A) \(-20<-61\)
• B) \(- 20 > - 61\)

Identify the characteristics of goods that affect their price elasticity of demand.

Differentiate between the concepts of cross elasticity of demand and income elasticity of demand.

Recognize how the supply of unique items (such as rare art or antiques) behaves in economic terms.

Understand the influence of nativist movements, like the Know-Nothing Party, on American politics in the 19th century.

---

Definitions:

Surcharge

An additional charge, tax, or cost added to the usual cost or to the price of a transaction.

Professional Basketball Game

An organized, competitive basketball contest played by professionals in a league, often characterized by high skill levels and entertainment value.

Deadweight Loss

A loss in economic efficiency that can occur when the equilibrium for a good or service is not achieved or is unattainable.

Commodity

A basic good used in commerce that is interchangeable with other goods of the same type.