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Every Weather Forecaster and Stockbroker Would Like to Be Able

question 566

Multiple Choice

Every weather forecaster and stockbroker would like to be able to accurately predict the future. The claimed ESP ability to predict future events is called:


Definitions:

Demand Price

The price of a given quantity at which consumers will demand that quantity.

Perfectly Inelastic

A market situation where the quantity demanded or supplied does not change in response to a change in price.

Deadweight Loss

The inefficiency caused in a market where all potential gains from trade are not realized due to factors like taxes or subsidies.

Per-Unit Tax

A tax imposed on a product on a per unit basis, raising the cost of production or sale for that product.

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