The free-rider problem arises when an individual <u>[</u><u>C]</u><u> </u><u>does not pay for a good because nonpayment does not prevent consumption.</u>
Answer:
-3
Explanation:
PED= change in quantity demanded /change in price
Answer:
b. The $80 is a nominal variable. The quantity of shoes is a real variable.
Explanation:
A nominal variable is a variable that hasn't been adjusted for inflation. Prices quoted in the purchase of goods and services are usually nominal variables.
Nominal variable = real variable + inflation rate
Real variable is a variable that has been adjusted for inflation
Real variable = nominal variable - inflation rate.
I hope my answer helps you