When the Condorcet system of voting is used, there is always a Condorcet winner
Indicate whether the statement is true or false
FALSE
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If the supply curve for orange juice is estimated to be Q = 40 + 2p, then
A) supply is price elastic at all prices. B) supply is price inelastic at all prices. C) supply is elastic only at prices below 20. D) No general statements about price elasticity of supply can be made.
The use of government spending and taxation for the purpose of stabilizing the economy is called __________.
Fill in the blank(s) with the appropriate word(s).
Which of the following is an accurate statement about external economies of scale?
a. They involve a rise of market prices. b. They involve a reduction of input costs. c. They involve a shift of the MC curve upward. d. They involve a shift of the ATC curves to the right.
A decrease in labor costs will cause aggregate ________.
A. demand to decrease B. supply to decrease C. supply to increase D. demand to increase