Which of the Following Is an Example of Something Economists

question 13

Multiple Choice

Which of the following is an example of something economists study?

• A)Mitch chooses to work overtime to earn extra income for his family.
• B)Megan sells her physics textbook from last semester to her roommate for half the price of a new textbook.
• C)The unemployment rate in the United States has fallen by two percentage points in the last few years.
• D)All of the above are correct.

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Definitions:

Price Elastic

Describing a situation where the demand for a product is sensitive to price changes, meaning a relatively small change in price leads to a large change in the quantity demanded.

Supply Curve

A graph that details the interaction between the price level of a commodity and the quantity of it provided.

Per-unit Tax

A tax imposed on each unit of a good or service sold, affecting the supply curve by increasing production costs.

Tax Burden

The total amount of tax levied on an individual, corporation, or other entity, often expressed as a proportion of income or economic output.