A Specific Product in a Snack Vending Machine Is

question 50

Multiple Choice

A specific product in a snack vending machine is:

• A)more likely to be price elastic than price inelastic.
• B)an ideal example of unitary demand.
• C)likely to have a price elasticity equal to 1.
• D)likely to have a price elasticity less than 1.

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Definitions:

Wage Differentials

The variation in wage rates due to factors such as occupation, industry, location, or the skills and experience of workers.

Labor-market Discrimination

The unfair treatment of workers based on characteristics such as race, gender, age, or religion, rather than job qualifications or performance.

Human Capital

The combined abilities, expertise, and non-material assets possessed by people that can generate economic benefits for themselves, their companies, or society.

Ethnic Minorities

Groups within a community which differ from the majority population in race, national or cultural origin, and often have distinct social and economic practices.