Examlex
A student at New York University used to take the Redhound bus when she visited her grandmother in Boston.After graduating,although the bus fare and the plane fare were the same as they were when she was a student,with a well-paid job on Wall Street she now takes the plane to Boston to visit her grandmother.For this student,travel by Redhound bus is
Downward Sloping
Describes a line or curve on a graph that shows a decrease in one variable as another variable increases, often used in economics to describe demand curves.
Demand Curves
Graphical representations showing the relationship between the quantity of goods consumers are willing and able to purchase at various prices, typically downward sloping from left to right.
Own Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, holding all else constant.
Specific Tax
A tax that is levied as a fixed amount per unit of a good or service, rather than a percentage of the price.
Q35: The above figure illustrates the market for
Q77: The opportunity cost of producing one more
Q85: The negative slope of the production possibilities
Q91: What are substitutes in production?
Q136: The fact of increasing opportunity cost when
Q157: Explain the structure of the circular flow
Q158: The figure above shows the market for
Q180: Using the data in the table above,
Q186: The national debt is the total amount
Q247: For country North, the opportunity cost incurred